India · Russia · Donald Trump · Iran · Fortune Technology
U.S. allows Russia oil sales waiver to expire despite tight market
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The Trump administration allowed a waiver that encouraged more Russian crude sales to lapse, even as the Iran war stokes concerns about global oil supplies and higher fuel costs.
Key facts
- The Trump administration has also pivoted on the issue, responding to entreaties from countries heavily reliant on crude imports
- He told a Senate panel the shift came after “more than 10 of the most vulnerable and poorest countries in terms of energy” approached him seeking an extension
- The Trump administration is allowing foreign vessels to carry crude and other commodities between American ports through mid-August
- The US government has taken several other steps to tame impacts from the energy shock, which the International Energy Agency has called the biggest supply disruption in the history of the oil market
Summary
The expiration effectively ends for now a brief period where the administration eased sanctions on some Russian oil, enabling purchases that would otherwise be barred. The waivers have been controversial, especially with European allies who see sanctions as essential to starving Russia of crude revenue and depriving Moscow funding for its war in Ukraine. But some countries, including India and Indonesia, had lobbied the Trump administration for extended sanctions waivers, as the Iran war and the near-closure of the Strait of Hormuz deprive global markets of millions of barrels of crude daily. The Trump administration has also pivoted on the issue, responding to entreaties from countries heavily reliant on crude imports.