economy
Trump Administration Lets Russian Seaborne Oil Sanctions Waiver Expire
The Trump administration on Saturday chose not to renew a sanctions waiver allowing the purchase of seaborne Russian oil, targeting a key source of revenue for Moscow amid the war in Ukraine.
TL;DR
- The Trump administration will not renew a sanctions waiver for Russian seaborne oil purchases.
- The waiver was initially issued to help stabilize global oil prices during the Iran war and shipping disruptions.
- Senators Jeanne Shaheen and Elizabeth Warren urged the Treasury Department to let the waiver expire.
- The national average gas price is $4.53 per gallon, with inflation at 3.8% in April.
- India requested an extension of the waiver as it is the largest buyer of Russian seaborne oil.
- Treasury Secretary Scott Bessent previously indicated the license would not be renewed.