US extends sanctions waivers on Iran, Russia

US Treasury Secretary, Scott Bessent announced a 30-day extension of sanctions waivers on Iranian and Russian oil exports transported by sea, in a move described as a reversal of his earlier position. Speaking during a Senate hearing, Bessent said the decision came in response to urgent requests from financial leaders in around 10 countries, which he described as the most vulnerable to energy shortages caused by the closure of the Strait of Hormuz and the ongoing war in the region. He noted that discussions held during meetings at the International Monetary Fund and World Bank influenced the decision, aiming to prevent a global energy crisis. The extension represents a sharp policy shift, as Scott Bessent had previously stated that no […]