US Seeks Prompt End to Russian Oil Export License Extensions, Rubio Says

During a congressional address, US Secretary of State Marco Rubio expressed the United States' intention to stop extending licenses for Russian oil supplies at the earliest time considered suitable by the Treasury Department.

Rubio made these remarks in a hearing before the Senate Foreign Relations Committee, stating, "Ultimately, the Treasury Department makes the decision, but I will tell you: it depends on the circumstances at that time. We want to stop it as soon as possible."

An economic analyst noted that freezing the price cap on Russian oil signals the collapse of Western sanctions.

Rubio’s response came amid pointed questions from members of the Senate Foreign Relations Committee, representing both the Democratic and Republican parties, who are pressing the current administration to end any exemptions that allow Russia to sell its oil and ease the economic sanctions imposed on it.

It is worth noting that the administration of former President Donald Trump had issued temporary exemptions and licenses through the Treasury Department, then led by Scott Peisent, permitting the purchase of Russian oil "transported by sea and stranded on ships."

This measure was an emergency attempt to stabilize global fuel markets and prevent spikes in gasoline prices within the United States following severe supply shortages caused by Iran’s closure of the Strait of Hormuz amid military conflicts in the Middle East.