Gate News message, April 25 — The U.S. Treasury Department has extended a short-term waiver allowing Russian oil deliveries and sales through May 16, prompting criticism from the European Union, which questioned why Washington was easing pressure on Moscow while the war in Ukraine continues. European Trade Commissioner Maros Sefcovic raised the issue with U.S. Treasury Secretary Scott Bessent on April 24, after Washington approved additional transactions for sanctioned Russian crude already loaded on vessels.
The new license covers Russian oil and petroleum products loaded on ships as of April 17 and replaces a 30-day waiver that expired on April 11. The waiver does not apply to dealings with Iran, Cuba, or North Korea. Treasury officials cited supply concerns for vulnerable nations, particularly those affected by the Strait of Hormuz blockade during the ceasefire between the U.S. and Iran. Bessent told senators the extension followed requests from low-income countries during IMF and World Bank meetings last week.
Ukraine has undermined the waiver’s economic impact by striking Russian port and energy infrastructure since March 21. President Volodymyr Zelenskyy said the strikes cost Russia at least $2.3 billion in oil revenue in March alone. Ukraine’s foreign intelligence service cited S&P Global Platts data showing Russian oil transhipments fell by 300,000 barrels per day in March, with refined product flows down 200,000 barrels per day. April exports dropped to their lowest levels since summer 2024, with Reuters reporting Russia cut crude production by 300,000 to 400,000 barrels per day in response. Sweden’s military intelligence chief Thomas Nilsson stated Russia would need oil prices above $100 per barrel for the rest of 2026 to cover its annual budget deficit.
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