Treasury Declines to Signal Extension as Washington Focuses on Talks With Tehran
The U.S. sanctions exemption that allowed for 60 days the purchase of Russian oil in transit expires on Saturday, with no signs so far that it will be extended by Washington, now focused on the start of negotiations with Tehran aimed at reaching a peace agreement.
The extension of these relaxations appears completely up in the air and, when asked by EFE, the U.S. Treasury Department said its policy is not to comment in advance on whether licenses will be granted.
On April 12, Treasury Secretary Scott Bessent announced the lifting of sanctions on Russian oil stranded in international waters, citing the need to “promote global energy stability,” following the closure of the Strait of Hormuz as a result of the U.S.-Israeli war on Iran.
The temporary license allowed ongoing operations to be completed, including maritime transport, unloading at ports, the hiring of insurance, crews and other associated logistical services.
Bessent downplayed the measure at the time, saying the economic benefit for Russia would not be significant.
In addition to the exemption applied to Russian oil, the Treasury in March issued other temporary licenses with a similar rationale for various crude flows affected by sanctions.
An exemption issued March 5 authorized the purchase and delivery of Russian oil already loaded on vessels destined exclusively for India, allowing Indian refiners to complete previously agreed operations before stricter restrictions took effect.
Subsequently, the Treasury extended this framework to other cases, including authorizations to release shipments of Iranian oil also in maritime transit, in order to avoid immediate disruptions in the global energy market. In all cases, the measures were temporary and limited to already committed crude.
In addition, Bessent suspended for 60 days in March an old U.S. maritime law to allow foreign ships to transport goods between U.S. ports, in an attempt to further reduce crude prices.
The continuation of all these measures is now surrounded by uncertainty, as oil prices are gradually rising again while markets analyze with distrust the strength of the U.S.-Iran truce and the possible outcome of the talks that begin Sunday in Islamabad.
[ SOURCE: teleSUR ]
