US Expected to Extend Waiver for Russian Oil Purchases Amid Ongoing Conflict
US' Russian oil waiver set for an extension
The Economic Times
Image: The Economic Times
The Trump administration is poised to extend a waiver that permits countries to purchase sanctioned Russian oil, potentially releasing 100 million barrels of crude. This decision comes amid rising oil prices due to the ongoing conflict in Ukraine and could conflict with Western sanctions aimed at limiting Russia's revenue.
- 01The US is likely to extend a waiver for purchasing sanctioned Russian oil.
- 02The waiver could release 100 million barrels of oil, impacting global supply.
- 03Oil prices have surged since the start of the Ukraine conflict.
- 04The extension may complicate Western sanctions against Russia.
- 05European Commission President Ursula von der Leyen opposes relaxing sanctions.
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The Trump administration is expected to announce an extension of a waiver allowing countries to buy sanctioned Russian oil and petroleum products, potentially as early as Friday. This waiver could free up 100 million barrels of Russian crude oil, equivalent to nearly a day's global output. The decision follows a meeting between US Treasury Secretary Scott Bessent and President Donald Trump, where they discussed the benefits of extending the waiver. The ongoing conflict in Ukraine has led to significant disruptions in oil supply, with prices rising sharply. The International Energy Agency has warned that the war is causing the largest oil supply disruption in history. However, extending the waiver may contradict efforts by Western nations to limit Russia's revenue from oil sales, with European Commission President Ursula von der Leyen stating that now is not the time to ease sanctions.
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The waiver extension could influence global oil supply and prices, affecting consumers and businesses reliant on oil.
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