Source: Fortune.com
Summary
The US Treasury Department has extended a waiver on sanctions for Russian oil shipments for 30 days, despite Secretary Scott Bessent previously ruling out such a move. The waiver, which was initially issued in March, allows US sanctions to be lifted on Russian oil deliveries loaded on tankers as of Friday. The extension comes as the Iran war has increased Russia’s ability to profit from its energy exports, which had been restrained since the invasion of Ukraine.
Our Reading
The numbers tell one story.
Treasury Secretary Scott Bessent’s reversal on the waiver extension comes just days after he ruled it out. The 30-day waiver will ease shortages caused by the Iran war. Russian oil shipments will be exempt from US sanctions. The move underscores Russia’s increased ability to profit from its energy exports. The administration’s sudden change of heart remains unexplained.
The announcement sounds like a familiar U-turn in corporate doublespeak.
Author: Evan Null
Key Players
Treasury Secretary Scott Bessent
Previously ruled out extending the waiver, only to reverse his decision days later.
Key Dates
March 11
Initial 30-day license issued for Russian oil loaded on tankers by this date.
Friday
New 30-day waiver extended for Russian oil shipments.
Wednesday
Treasury Secretary Scott Bessent ruled out extending the waiver at the White House.
