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International Business Times
International Business Times
National
U.B. Prem

US Lets Russia Oil Sanctions Waiver End Despite Surging Prices Due To Iran War

United States Oil Iran Russia Scott Bessent Donald Trump Gulf
A view shows a petrol station of the Russian oil producer Gazprom Neft in Moscow. The US has reportedly allowed the sanctions waiver on Russian oil to expire on Saturday. (Credit: NATALIA KOLESNIKOVA/AFP via Getty Images/Getty)

The US has let the sanctions waiver allowed on Russian oil purchases by it expire on Saturday, despite a surge in oil prices amid the Middle East conflict.

The US issued an order allowing the delivery and sale of crude oil and petroleum products originating from Russia was on April 17. The order permitted sale of oil boarded on cargo vessels as on April 17.

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