US extends waiver on Russian oil sanctions to ease Iran war shortages despite Bessent denial

WASHINGTON (AP) — The U.S. Treasury Department on Friday extended its pause on sanctions on Russian oil shipments to ease shortages from the Iran war, days after Secretary Scott Bessent ruled out such a move.

The so-called boosted Moscow’s ability to profit from its energy exports, which had been restrained since the invasion of Ukraine.

Speaking at the White House on Wednesday, Bessent ruled out extending the license. “We will not be renewing the general license on Russian oil, and we will not be renewing the general license on Iranian oil,” he said. The administration did not immediately explain the reversal.