WASHINGTON: US Treasury Secretary Scott Bessent said Wednesday that Washington does not plan to extend a temporary sanctions waiver that allowed the sale of Russian oil already at sea.
"We will not be renewing the general license on Russian oil," he told a press briefing, a day after the Treasury Department said it would not renew a similar easing on Iranian oil.
Both measures aimed to soften global supply shocks from the US-Israeli war against Iran.
Tehran has retaliated by effectively closing off the Strait of Hormuz, a key waterway for energy shipments.
Oil prices have since surged, squeezing countries and especially those dependent on energy exports from the region. US gasoline prices have similarly jumped.
On the temporary sanctions waiver, Bessent said: "That was oil that was on the water prior to March 11, so all that has been used."
The Trump administration in March said it would momentarily allow the sale of Russian oil that was at sea, easing economic sanctions against Russia -- which had been targeted over its invasion of Ukraine.
At that time, the Treasury issued a license authorizing the delivery and sale of Russian crude oil and petroleum products that had been loaded onto vessels on or before 12:01 am Eastern Time March 12, through 12:01 am on April 11.
Later that month, it took similar action regarding Iranian oil.
But on Tuesday, the Treasury Department said it was "maintaining maximum pressure" on Tehran, as the Mideast war continues.
"The short-term authorization permitting the sale of Iranian oil already stranded at sea is set to expire in a few days and will not be renewed," the department added.
The initial authorization allowed for the delivery and sale of Iranian crude and other petroleum products loaded onto ships before March 20, and was to last through April 19.
