US ends all exceptions for Russian and Iranian oil
Photo: US Treasury Secretary Scott Bessent (Getty Images)
The United States is fully cutting off "oxygen" to Russian and Iranian oil exports. Washington will no longer make concessions to aggressors in an effort to stabilize global prices, US Treasury Secretary Scott Bessent said, according to the Associated Press.
US Treasury Secretary Scott Bessent said that no new permits for the sale of Iranian and Russian crude will be issued. The United States has imposed a strict blockade, particularly against Tehran.
"We have the blockade, and there’s no oil coming out. And we think in the next two, three days, they’re going to have to start shuttering production, which will be very bad for their wells," the official said.
Halting production carries significant risks, as improperly shut-in wells may never return to previous capacity levels.
Regarding Russia, Washington's position has also changed. In March, the US was forced to allow the sale of Russian oil and petroleum products that had already been loaded onto tankers. Oil prices had surged above $100 per barrel, and the White House administration sought to stabilize energy markets.
That period has now ended, and Bessent explained that Russian oil that was "already at sea" has effectively run out. No new export permits will be granted. Additional supplies from Russia are no longer considered necessary for the global economy.
Bessent said that the easing of restrictions on Russian oil was driven by requests from countries that were particularly affected by the oil crisis.
"More than 10 of the most vulnerable and poorest countries came to me and said, ‘Can you help?’" Bessent said. "It was for those vulnerable and poor countries. But I wouldn’t imagine that we’d have another extension. I think the Russian oil on the water has been largely sucked up."
What else is known about sanctions against Russia and Russian oil
Ukraine continues to actively strike Russian oil refineries. According to the head of the Office of the President, Kyrylo Budanov, this is damaging not only Russia's budget but also its reputation as an oil supplier.
Meanwhile, Russian "shadow fleet" tankers are changing routes in the Baltic Sea. Sweden has tightened document checks and vessel inspections.
Ukraine has also outlined its expectations for the next, 21st sanctions package against the aggressor. Kyiv is calling for full financial isolation of Russia and stronger energy embargo measures.
