US gives 30-day extension on Russian oil waiver: Key details explained

The US administration of Donald Trump has extended a sanctions waiver that allows purchases of Russian crude oil at sea. The decision marks a U-turn from its earlier stance after the waiver had lapsed on May 16, 2026.

The waiver was originally introduced in early March 2026 to help stabilise rising global crude oil prices. It has now been extended again through a temporary 30-day general license.

The announcement was made on social media platform X by US Treasury Secretary Scott Bessent.

In his post, Bessent said, “@USTreasury is issuing a temporary 30-day general license to provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea. This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed. This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries.”

He added that the move will also help reroute existing supplies to countries most in need. He said it could reduce China’s ability to stockpile discounted crude oil.

The decision comes at a time when global oil markets remain sensitive to supply disruptions and geopolitical tensions.