U.S. Allows Sale of Russian Oil for One More Month

The United States has decided to allow the sale of Russian oil and other sanctioned goods for one more month.

Scott Bessent, US Secretary of the Treasury. Photo by Reuters-Yonhap News

According to Reuters on April 17 (local time), the U.S. Department of the Treasury issued a new general license on this day, approving the sale of Russian-origin oil carried by ships until May 16.

This decision, which replaces the previous waiver that expired on April 11, appears to reflect concerns over instability in the global energy market. Previously, on March 12, the Treasury Department approved sales of Russian oil for 30 days, which was evaluated as having somewhat eased supply pressures in the global energy market, particularly following disruptions caused by the closure of the Strait of Hormuz. Although U.S. Secretary of the Treasury Scott Bessent had earlier announced that the waiver for Russian oil would not be extended, it is interpreted that the policy direction was reversed as market instability persisted.

Currently, peace negotiations between the United States and Iran are ongoing, but oil prices remain high. In the market, there is speculation that the United States may decide on additional waivers. Brett Erickson of consulting firm Obsidian Risk Advisors commented, "The global energy market has been severely affected by the aftermath of the war, and there are few means left to stabilize it."

However, there are also concerns that easing sanctions on Russian oil could undermine Western unity regarding the war in Ukraine. Ursula von der Leyen, President of the European Commission, previously stated that now is not the time to relax sanctions on Russia. In U.S. political circles, some have pointed out that allowing the sale of Russian oil could ultimately aid Russia's war in Ukraine or its support for Iran.

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