Bessent Rules Out Renewal of Iranian and Russian Oil Waivers

Treasury Secretary Scott Bessent said Friday that the US does not plan to renew a waiver allowing the purchase of Russian oil and petroleum products that are currently at sea. He also said a renewal of a one-time waiver for Iranian oil at sea is totally off the table. “Not the Iranians,” Bessent told The Associated Press. “We have the blockade, and there’s no oil coming out.” In an AP interview about the impact of the war on the global energy market and other topics, Bessent also said he had no plans to extend the sanctions relief for Russia. “I wouldn’t imagine that we’d have another extension. I think the Russian oil on the water has been largely sucked up,” he said.