US lets waiver allowing purchases of stranded Russian oil expire

The United States has allowed a sanctions waiver permitting the purchase of Russian oil cargoes stranded at sea to expire without renewal, according to the US Treasury Department’s Office of Foreign Assets Control (OFAC).

The waiver expired on Saturday, while the Treasury Department had not issued an extension as of the same day, according to information published on the OFAC website.

US Treasury Secretary Scott Bessent had previously said Washington had no plans to renew the authorization.

The temporary license had enabled countries to continue purchasing Russian oil shipments stranded at sea, despite broader US sanctions imposed on Moscow following initiation of the conflict in Ukraine.

The authorization had first been renewed on April 17 after an earlier exemption expired on April 11.

The April renewal came days after Bessent stated that the United States would not extend the waiver.

According to the report, the general license issued by OFAC replaced the earlier exemption that had lapsed earlier in the month.

The waiver was introduced during heightened volatility in global energy markets following the launch of the latest unprovoked American-Israeli aggression against Iran.

Following the attacks, the Islamic Republic shut down the strategic Strait of Hormuz to enemies and their allies in retaliation. The country later began imposing far stricter controls after US President Donald Trump announced continuation of a naval blockade of Iranian vessels and ports on April 17 in violation of the terms of a standing ceasefire.

Roughly 20 percent of the world’s oil supply passes through the waterway.

According to the report, higher global oil and gas prices, meanwhile, boosted demand for Russian exports.

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