Treasury Secretary Scott Bessent said Friday that the U.S. Does not plan to renew a waiver allowing the purchase of Russian oil and petroleum products currently at sea, and that a renewal of the one-time waiver for Iranian oil at sea is “totally off the table.” The announcement came during a press briefing at the Treasury Department, where Bessent emphasized that existing sanctions enforcement would proceed without exceptions for vessels already loaded with sanctioned crude. He stated that the administration’s position is to maintain maximum pressure on both Russia and Iran through continued restrictions on energy exports, particularly as geopolitical tensions persist over Ukraine and Iran’s nuclear program. Bessent clarified that the waivers in question were narrow, temporary authorizations granted under specific humanitarian and market stability considerations, not broad exemptions. He noted that any oil already loaded onto ships prior to the waiver expirations would still be subject to U.S. Secondary sanctions if transferred or processed in ways that violate existing restrictions. The Secretary did not specify exact expiration dates for the current waivers but indicated that no extensions are under active consideration. He added that the Treasury Department is coordinating with the State Department and international partners to ensure consistent enforcement across allied jurisdictions. When asked about potential impacts on global energy markets, Bessent said the U.S. Is monitoring supply conditions but believes alternative sources and strategic reserves can absorb any short-term disruptions. He declined to predict market movements, stating that the administration’s priority remains enforcing sanctions policy rather than managing price fluctuations. Bessent reiterated that the decision not to renew the waivers reflects a broader strategy of using financial tools to constrain adversarial regimes’ revenue streams, particularly from energy exports. He said the administration will continue to evaluate sanctions efficacy but sees no basis for revisiting the current approach at this time. The Treasury Secretary concluded by affirming that the U.S. Remains committed to working with G7 partners and other allies to uphold the sanctions framework, and that any future adjustments would require formal interagency review and presidential approval. No timeline for such a review was provided.
U.S. Rules Out Renewing Waivers for Russian and Iranian Oil at Sea, Treasury Secretary Confirms
