U.S. Treasury Grants Russian Oil Sanctions Relief Amid Global Pressure

In a surprising move, U.S. Treasury Secretary Scott Bessent announced a one-month extension of sanctions relief on Russian seaborne oil. The decision comes amid appeals from nations most affected by potential oil shortages due to the closed Strait of Hormuz.

Bessent revealed this development during a U.S. Senate Appropriations subcommittee hearing, attributing it to urgent requests from finance leaders of about ten countries. These discussions occurred during recent International Monetary Fund and World Bank meetings.

Previously, Bessent stated he would not renew the expiring sanctions waivers. However, he now refutes claims that Iran has significantly profited from this relief, dismissing the $14 billion estimate as unfounded without offering an alternative figure.

(With inputs from agencies.)