Secretary of Treasury Scott Bessent announced Monday that the United States would be issuing a temporary waiver on the sale of Russian oil already on vessels at sea. File Photo by Shawn Thew./UPI | License Photo
The Trump administration has issued temporary Russia sanctions relief for a third straight month, extending a waiver allowing the delivery and sale of Russian oil already loaded onto tankers at sea amid the ongoing energy crisis cause by the U.S. war with Iran.
Treasury Secretary Scott Bessent announced the 30-day reprieve on social media, saying it will “provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea.”
“This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed. This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries,” he said in a statement.
The United States has imposed thousands of sanctions on Russia since it invaded Ukraine in February 2022, in an effort to cut it off from a lucrative revenue source to fund its war.
The sanctions relief — first issued on March 5 to permit the sale of Russian crude to India before being broadened March 12 — may have helped Russia generate ab additional $150 million per day in oil revenue, or $3.3 billion to $5 billion in the month of March alone, according to the Council on Foreign Relations.
Ukrainian President Volodymyr Zelensky said in mid-April that about $10 billion worth of Russian oil was at sea, condemning the sanctions relief by stating “every dollar paid for Russian oil is money for the war.”
Democrats and Ukrainians have been sharply critical about the sanctions relief, describing it as undercutting their years of work to try to hobble Russian President Vladimir Putin’s ability to make war.
Following the announcement of the extension on Monday, Democratic Sens. Jeanne Shaheen of New Hampshire and Elizabeth Warren of Massachusetts described the waiver as “delivering another dangerous and indefensible gift” to Putin.
“Every additional dollar the Kremlin earns from this license helps Putin finance his illegal war against Ukraine and kill innocent Ukrainians,” the Democratic pair said in a joint statement.
The Trump administration initially issued the waiver as oil prices surged in response to the war in the Middle East, which began Feb. 28 when the United States and Israel launched joint attacks on Iran.
Shaheen, ranking member of the Senate Foreign Relations Committee, and Warren, ranking member of the Senate Banking, Housing and Urban Affairs Committee, criticized the Trump administration over its reasoning that the waiver is to support vulnerable countries, stating that justification “would be more credible had it not launched this war, or if it had used policy tools to limit the prices Russia could push on those countries.”
“Instead, the Trump administration has helped Russia charge more for its oil cargoes by removing the risk of sanctions,” they said.
“Continuing to show weakness like this will only invite more aggression and put a just end to the war in Ukraine further away.”
