Trump admin extends Russian oil waiver, reversing Bessent
SkimNews Take
The administration's reversal on Russian oil sanctions, despite prior claims, highlights how immediate domestic economic and international security pressures can override stated foreign policy positions.
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- The Trump administration on Friday extended a Treasury license allowing countries to purchase Russian oil and petroleum products through May 16, replacing a 30-day waiver that had expired the prior week amid the Iran war.
- Treasury Secretary Scott Bessent told reporters on Wednesday that the waiver would not be extended, also declining to renew the Iranian oil waiver — making Friday's reversal a direct contradiction of his public pledge two days earlier.
- A Treasury spokesperson justified the reversal to The Hill by saying "partner nations requested the U.S. extend the waiver due to ongoing pressures in Asia" and that "Treasury wants to ensure all oil is available to those who need it" as negotiations accelerate.
- Senate Democrats Jeanne Shaheen, Elizabeth Warren, and Chuck Schumer called the reversal "shameful and a 180-degree reversal," noting that "Russia saw oil revenues nearly double in March" and demanding additional sanctions on Putin.
- Bessent had previously defended the original waiver as "narrowly tailored" and said it would "not provide significant financial benefit to the Russian government," framing it as a step to keep global energy prices stable.
- Energy prices spiked after the start of the U.S.-Israeli conflict with Iran; a 14-day U.S.-Iran ceasefire reached last week required the Strait of Hormuz to reopen to ease prices, but the strait closed again on Friday after Iran cited a U.S. blockade implemented Monday.
Why it matters: The reversal directly contradicts Bessent's on-record statement from April 15, giving Senate Democrats fresh ammunition to argue the administration is undermining pressure on Putin — especially as Russia oil revenues reportedly nearly doubled in March even before the extension. With the Iran ceasefire fragile and the Strait of Hormuz closed again Friday, the waiver keeps sanctioned Russian crude flowing into global markets at a moment when Democratic senators are demanding harder sanctions on Moscow.
