US Grants 30-Day Extension for Oil Sanctions Waivers
US Treasury Secretary Scott Bessent has extended for 30 days exemptions from sanctions on the seaborne transport of Russian and Iranian oil.
He said the decision followed requests from about a dozen countries most vulnerable to supply disruptions after the closure of the Strait of Hormuz. It also marks a reversal of his recent statement that there were no plans to renew the waivers.
Bessent also challenged estimates that Iran had earned more than $14bn from the exemptions, without providing an alternative figure. He told Congress the US was considering currency swap lines with the United Arab Emirates and other Gulf states.
He said the measures could help stabilize financial markets amid tensions linked to the Middle East conflict and prevent disorderly capital outflows from US assets.