US waives sanctions on Russian oil after requests from vulnerable countries

U.S. Treasury Secretary Scott Bessent said on Wednesday that he extended sanctions relief on Russian seaborne oil for 30 days because of requests from countries that are the most vulnerable to oil shortages from the closed Strait of Hormuz.

Bessent told a U.S. Senate Appropriations subcommittee budget hearing that the requests came from finance leaders of about 10 countries during last week's International Monetary Fund and World Bank meetings. The action reversed his earlier comments last week that he would not renew expiring sanctions waivers.

Bessent said estimates that Iran has gained more than $14 billion from the relief are "a myth," but he did not provide an alternate figure.

-David Lawder/Reuters