US extends sanctions waiver on Russian oil, Reuters reports
Photo: Russian leader Vladimir Putin and US President Donald Trump (Getty Images)
The US Treasury Department has decided to extend the sanctions exemption on Russian oil transported by sea for another 30 days, Reuters reports.
According to a source cited by the agency, the previous authorization expired on Saturday, May 16, but Washington agreed to grant an additional 30-day extension.
The source said the decision was made after requests from several countries that asked for more time to purchase Russian oil.
The exemption applies to oil transported by sea that is subject to US sanctions.
According to the source, the US administration took the step due to risks of oil shortages and further increases in global market prices.
However, Reuters notes that the extension of the sanctions waiver has not had a noticeable effect on stabilizing gasoline prices in the United States.
How much has Russia already earned thanks to the US?
In a comment to journalists, Vladyslav Vlasiuk, Ukraine's Presidential Commissioner for Sanctions Policy, said that during a two-month easing of sanctions, Russia may have generated more than $5 billion in additional revenue.
"The main factor is the rise in global oil prices. Even without changes in the sanctions regime, Russia continued to sell significant volumes of raw materials, but it was the price increase that drove the biggest boost in revenue," he explained.
At the same time, export volumes did not increase significantly due to infrastructure constraints and pressure on logistics routes, including so-called kinetic sanctions — strikes on port and transport hubs.
"Therefore, the effect was formed not through expanded sales, but through a higher price per barrel," Vlasiuk concluded.
On May 18, global oil prices continued to rise after an attack on the Barakah nuclear power plant in the United Arab Emirates the day before.
Amid escalating tensions in the Middle East, traders began to fear further escalation and disruptions in energy supplies.
According to Reuters, Brent crude futures rose above $111 per barrel, while US WTI climbed above $107.
