U.S. Renews Russia Oil Sanctions Waiver for 30 Days


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- The Trump administration has issued another 30-day 
waiver on Russian oil sanctions to enable nations impacted by the Middle East 
conflict to import Russian crude already at sea, the U.S. Treasury announced 
Monday (5/18).

   Prior to this, the Treasury issued on two occasions month-long waivers on 
Russian oil sanctions. The latest order expired on May 16. It has now been 
reissued for 30 days through June 17, the Treasury's Office of Foreign Assets 
Control said in a statement.

   The Middle East conflict began end-February with U.S.-Israeli airstrikes on 
Iran and advanced as Tehran responded with attacks on regional oil 
infrastructure and a blockade of the Persian Gulf's Strait of Hormuz, where a 
fifth of the world's petroleum supply used to pass.

   India was the main beneficiary of the exemptions, with domestic refiners led 
by Reliance Industries reportedly ordering roughly 30 million barrels of 
stranded Russian crude since the waivers began in March.




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