US extends waiver for sanctioned Russian oil purchase as global prices fall

The US Department of the Treasury issued a waiver allowing the delivery and sale of sanctioned Russian crude as the administration seeks to ease prices during the war involving Iran, CNN reported.  

The licence applies to Russian crude and petroleum products loaded on vessels as of 17 April and authorises shipments through 16 May, after a previous waiver expired on 11 April. 

Treasury Secretary Scott Bessent had earlier said the administration would not renew the licence.

“As negotiations accelerate, Treasury wants to ensure oil is available to those who need it,” a department spokesperson said. 

Russia plans to send a second ship carrying oil to Cuba, Interfax news agency reported, citing Russian Energy Minister Sergei Tsivilev.