30 days.. Washington extends the exemption from sanctions for Russian oil transported by sea
extended U.S. Department of the Treasury Exemption for Russian oil loaded on tankers currently sailing is free from sanctions for 30 days, as Extension of the exemption from sanctions until June 17 at 12:01 Eastern time in the United States, in accordance with the general license issued by the Treasury.
An attempt to stabilize the oil market
Besant said that the extension provides additional flexibility, and will help stabilize the oil market, and ensure that supplies reach the most vulnerable countries in terms of energy security.
Similar to previous exemptions, the measure prohibits transactions with individuals or companies from Iran. And North Korea, Cuba, and areas of Ukraine under Russian occupation, according to what the Treasury explained.
In March, the United States issued the first exemption from sanctions on shipments of Russian oil at sea.
Second American Extension
The announcement issued on Monday represents the second extension approved by the US administration of this temporary measure aimed at addressing oil supply shortages resulting from the US-Israeli war on Iran.
In response to the strikes, the list of Iranian targets included US allies in the region, in addition to closing the Strait of Hormuz, through which about 20% of the world’s oil and gas supplies usually pass.
With the outbreak of war, oil prices jumped globally, and American consumers felt the repercussions of that, as gasoline prices in the United States rose by more than 50% compared to what they were before February 28.
The extension of the previous exemption received criticism, especially from Ukrainian President Volodymyr Zelensky, whose country has been at war with Russia since February. 2022, when Russian forces began the invasion of Ukraine.
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