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The United States has announced it will not extend waivers that permitted the purchase of specific Iranian and Russian oil without incurring sanctions. Treasury Secretary Scott Bessent revealed this decision during a press briefing on Wednesday, marking a pivotal shift in U.S. policy towards energy supplies amid ongoing geopolitical tensions.
Sanctions Waivers Expire
Reports indicate that the Biden administration has allowed a 30-day waiver on Iranian oil sanctions to lapse, while a similar waiver for Russian oil also expired recently. Bessent confirmed this shift, stating, “We will not be renewing the general license on Russian oil, and we will not be renewing the general license on Iranian oil. That was oil that was on the water prior to March 11. So all that has been used.”
These waivers had been initially introduced to alleviate soaring energy prices and increase oil supplies during a turbulent period for global markets. The Iranian waiver, in particular, facilitated the release of approximately 140 million barrels of oil into international markets, providing some relief during heightened tensions related to the ongoing conflict in Ukraine and the broader Middle East.
New Measures Against Iran
Looking ahead, Bessent indicated that the U.S. is preparing to implement secondary sanctions that would further restrict the purchase of Iranian oil. “We have told companies, we have told countries that if you are buying Iranian oil, that if Iranian money is sitting in your banks, we are now willing to apply secondary sanctions, which is a very stern measure,” he emphasised. He compared these financial sanctions to military actions, describing them as “the financial equivalent” of a bombing
