Washington: The administration of US President Donald Trump is set to extend as early as Friday a key waiver enabling countries to purchase limited quantities of sanctioned Russian crude oil and petroleum products, two sources with direct knowledge of the deliberations told Reuters.
The US Treasury Department issued the 30-day waiver in mid-March, permitting the import of Russian oil and products already at sea — a measure now expiring today amid efforts to rein in soaring global energy prices triggered by the ongoing US-Israeli military campaign against Iran.
Russia’s presidential envoy Kirill Dmitriev stated the waiver would unlock 100 million barrels of Russian crude, equivalent to nearly one full day of global output.
On Thursday, Treasury Secretary Scott Bessent held discussions with President Trump in the Oval Office regarding the waiver’s extension. “They agreed it was a good idea,” one of the sources revealed, speaking on condition of anonymity.
No immediate responses were available from officials at the White House or Treasury Department.
Global oil benchmarks have surged dramatically since the outbreak of the Iran war, exacerbated by the partial blockade of the Strait of Hormuz — a vital chokepoint that previously handled about 20% of the world’s daily seaborne oil and gas shipments. Skyrocketing fuel costs have emerged as a pressing political liability for Trump and his Republican Party as they approach the November midterm elections.
The 32-nation International Energy Agency (IEA) has characterised the Middle East conflict as the most severe oil supply disruption in modern history.
While the waiver offers short-term relief for energy markets, it threatens to undermine the collective Western strategy to starve Russia of revenue funding its protracted invasion of Ukraine, potentially straining ties with transatlantic partners.
European Commission President Ursula von der Leyen cautioned, “It is not the time to relax sanctions against Russia.”
