Treasury Secretary Scott Bessent said Monday that the U.S. will give a 30-day extension for countries to import Russian oil that is already in tankers at sea, a move that is meant to reduce the oil supply shortages caused by the Iran war.
The announcement marks a continued policy reversal by an administration that had previously said the sanctions on Russian oil would resume. Originally announced in early March, the temporary waiver on the sanctions was first renewed in April, just two days after Bessent said at the White House that he had no plans to extend the sanctions relief.
