US issues one-month sanctions waiverone-month sanctions waiver for Russian oil at sea
The United States issued a month-long waiver on April 17, 2026, allowing countries to buy and sell Russian oil and petroleum products loaded onto vessels by May 16. This extends a prior waiver that expired on April 11, despite Treasury Secretary Scott Bessent stating two days earlier that it would not be renewed. The move aims to ease surging global energy prices amid disruptions from the US-Israeli conflict with Iran, including partial closure of the Strait of Hormuz.
The waiver helps stabilize oil supplies for nations like India and others seeking alternatives to Middle Eastern imports, though it drew prior criticism for benefiting Russia's war funding. Oil prices remain high despite such measures, pressuring energy-dependent economies worldwide. It signals US efforts to balance sanctions pressure on Russia with global market stability during the Iran conflict.
US Administration
The waiver targets oil already at sea to promote stability in global energy markets without providing significant financial gain to Russia, which earns most revenue from extraction taxes. It responds to volatility from the US-Israeli conflict with Iran and Strait of Hormuz disruptions. Officials view it as a narrowly tailored, short-term step amid high oil prices.
Ukrainian Perspective
Earlier signals of non-renewal marked a policy win against Russian oil revenue that funds the Ukraine war. The surprise extension undermines efforts to tighten sanctions fully. Kyiv welcomes any long-term end to such relief.
Asian Buyers
Countries like India and the Philippines benefit from access to discounted Russian oil as Middle East supplies falter. They lobbied for extensions to avoid supply shortages and price spikes. The waiver eases import pressures during the Iran conflict.
- George Soros's 1992 short sale of the British pound netted over $1 billion, breaking the Bank of England.
- India imports over 85% of its crude oil, making it the world's third-largest buyer.
- Oman, bordering the Strait of Hormuz, maintains neutrality in regional conflicts.
US-Iran Ceasefire War
The United States launched military strikes against Iran on June 26, 2026, in response to a drone attack on a commercial cargo ship in the Strait of Hormuz, calling it a "foolish violation" of the 60-day ceasefire agreement signed just days earlier[2][4][14].
26 June, 09:35 PM
US launches strikes against Iran following commercial ship attack26 June, 04:47 PM
Trump calls Iran drone attack on cargo ship a ceasefire violation
