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World
US Treasury Secretary Scott Bessent indicated that future sanctions waivers for buying Russian oil may be issued individually to countries rather than universally.
Scott Bessent, the US Treasury Secretary, announced on Thursday that the Trump administration may grant sanctions exemptions for purchasing Russian oil on a country-by-country basis in the future.
During a House of Representatives hearing, Bessent stated, "I strongly tend to believe that if more waivers are granted, they will be specific to each country and not general."
The Trump administration has twice extended temporary waivers from sanctions on Russian oil amid rising global energy prices triggered by the conflict in the Middle East and Iran's closure of the Strait of Hormuz, a passage responsible for one-fifth of the world's oil and gas supplies.
Bessent explained that "the Russian Federation has only gained very minimal additional revenues due to these waivers. Its oil has always been destined for China, and now it can go to our allies."
He also responded to inquiries regarding the justification for these easing measures, given concerns that they might benefit Moscow during the ongoing war in Ukraine.
In May, the US Treasury extended the waiver on sanctions for Russian oil transported by sea for 30 days. Earlier in March, the Treasury temporarily lifted sanctions on Iranian oil aboard tankers as part of efforts to ease the global supply crisis.
