US ends exemptions for Russian and Iranian oil, - Bessent
The US does not plan to extend the exemption allowing the purchase of Russian oil and petroleum products currently in transit at sea. Furthermore, an extension of the one-off exemption for Iranian oil currently in transit at sea is completely out of the question.
According to Censor.NET, US Treasury Secretary Scott Bessent stated this in an interview with the Associated Press.
According to the minister, the question of extending the one-off exemption for Iranian oil is not even on the agenda.
"As for the Iranians – no exceptions. We have a blockade in place, and the oil isn’t getting out. We believe that in the next two or three days they will have to start halting production, which will be very bad for their wells," Bessent noted
He emphasised that Iranian oil is under a blockade and is effectively not reaching the market.
What led up to this?
The New York Times reported that in April, Russia received at least $12.8 billion in oil taxes — twice as much as in March. Daily additional revenues exceeded $100 million.
- The US Treasury Department announced the removal of a number of individuals and entities from the sanctions list linked to Russia.
- The United States has granted a 30-day licence to countries to purchase Russian oil and petroleum products that are subject to sanctions and are currently on tankers at sea. Treasury Secretary Scott Bessent described this move as a measure to stabilise global energy markets, which have been unsettled by the war with Iran.
