US allows Russia oil sales waiver to expire despite tight market
Source: msn/Bloomberg
6h
(Bloomberg) -- The Trump administration allowed a waiver that encouraged more Russian crude sales to lapse, even as the Iran war stokes concerns about global oil supplies and higher fuel costs.
The expiration effectively ends for now a brief period where the administration eased sanctions on some Russian oil, enabling purchases that would otherwise be barred. The Trump administration issued an initial waiver in March and a second after the first expired in April — both applying only to a subset of Russian oil that had already been loaded onto tankers.
The waivers have been controversial, especially with European allies who see sanctions as essential to starving Russia of crude revenue and depriving Moscow funding for its war in Ukraine. Critics say the sanctions relief has served to enrich Moscow — even though it’s been limited to waterborne oil — especially as crude prices surge.
But some countries, including India and Indonesia, had lobbied the Trump administration for extended sanctions waivers, as the Iran war and the near-closure of the Strait of Hormuz deprive global markets of millions of barrels of crude daily.
Read more: https://www.msn.com/en-us/money/general/us-allows-russia-oil-sales-waiver-to-expire-despite-tight-market/ar-AA23lPnO