U.S. Treasury Allows Sales of Russian Crude Oil for Another Month, Extending Sanctions Relief

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[The Financial News] The U.S. has decided to allow sales of Russian crude oil and petroleum products subject to sanctions for one more month.
The U.S. Department of the Treasury said on its website on the 17th (local time) that it had issued a new general license authorizing the sale of Russian crude oil shipped on vessels until the 16th of next month.
However, transactions involving Iran, Cuba and North Korea were excluded from the latest announcement.
The decision replaces the previous waiver issued on the 11th and is seen as reflecting growing instability in the global energy market.
The U.S. Department of the Treasury approved sales of Russian crude oil for 30 days on the 12th of last month. That move also eased some of the supply pressure on the global energy market, which had been hit by the blockade of the Strait of Hormuz.
Earlier, Treasury Secretary Scott Bessent had warned that the waiver for Russian crude oil would not be extended, but the administration is now seen as having shifted course amid continued market unease.
Market watchers are still not ruling out the possibility of additional U.S. extensions.
Meanwhile, the U.S. government is also taking additional steps to stabilize oil prices, including releasing crude from the Strategic Petroleum Reserve.
theknight@fnnews.com Jung Kyung-soo Reporter