Trump administration lets Russian oil waiver expire
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- Trump administration allowed the sanctions waiver for Russian seaborne oil to lapse on May 16, ending a month‑long extension that had let countries such as India purchase Russian crude.
- Scott Bessent had earlier said he would not renew the general license for Russian oil stored on tankers, and no renewal notice appeared on the Treasury website by early Saturday afternoon.
- Senators Jeanne Shaheen and Elizabeth Warren urged the administration not to renew the waiver, arguing it funds Russia’s war in Ukraine and has not lowered U.S. fuel prices.
- India remained the top consumer of Russian seaborne crude, with near‑record purchases in April‑May following previous waivers.
- Xi Jinping was discussed by President Trump in Beijing about possibly lifting sanctions on Chinese firms buying Iranian oil, a move Trump said he would decide soon.
Why it matters: Russia loses a key revenue stream from the expired waiver, while U.S. consumers keep paying roughly $4.50 a gallon for gasoline, sustaining inflationary pressure on household budgets.
