US Treasury Grants 30-Day Sanctions Waiver for Russian Oil

US Treasury Secretary Scott Bessent announced a 30-day extension of the sanctions waiver for Russian oil sales. The decision came after a request from over 10 'most vulnerable and poorest' countries. Initially against the measure, Bessent agreed following approaches at the IMF and World Bank Spring Meetings.

US Treasury Secretary Scott Bessent confirmed the extension of a crucial sanctions waiver concerning the sale of Russian oil on Wednesday, after a plea from multiple impoverished nations.

The announcement arrived in response to requests made during last week's IMF and World Bank Spring Meetings, where more than 10 energy-vulnerable countries highlighted their dire needs.

Although Bessent initially opted against prolonging the waiver, he cited moral responsibility and the precarious energy situations of these countries as factors influencing his decision to grant a temporary 30-day reprieve.