U.S. Treasury extends sanctions waiver on Russian seaborne oil for 30 days

MOSCOW. May 18 (Interfax) - The US Treasury's Office of Foreign Assets Control (OFAC) is issuing a temporary 30-day general license to provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded in tankers at sea, U.S. Treasury Secretary Scott Bessent said on social media.

The previous license lapsed on May 16.

"This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed. This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries," Bessent posted.

It will also help reroute existing supply to countries most in need by reducing China's ability to stockpile discounted oil, he said.