US Extends Russian Oil Waivers Amid Iran War Energy Crisis

The United States Department of the Treasury issued a 30-day emergency waiver on April 17, 2026, allowing the purchase of Russian crude oil and petroleum products already at sea through May 16. This decision reverses a statement made on April 15 by Treasury Secretary Scott Bessent, who had initially ruled out renewing sanctions licenses for Russian and Iranian oil.

The policy shift aims to neutralize skyrocketing fuel costs and stabilize global energy markets following a seven-week war between the U.S., Israel, and Iran. This conflict resulted in damage to over 80 energy facilities and the virtual closure of the Strait of Hormuz. The Trump administration faced pressure from G20 partners, the World Bank, and the IMF, as well as specific requests from India, Indonesia, and Malaysia to secure alternative energy supplies.

President Volodymyr Zelenskyy condemned the move, arguing that the waiver provides Russia with approximately $10 billion to fund military strikes against Ukrainian cities. U.S. Democrats also criticized the decision as a lifeline for Moscow, with some lawmakers introducing a bill to terminate the waivers. Meanwhile, Kremlin spokesperson Dmitry Peskov defended Russia as a responsible player in the global energy market, asserting that Russian volumes are too vital to ignore.

As the U.S. eased oil restrictions, tensions in the Middle East remained high. Iran reimposed restrictions on the Strait of Hormuz in response to a U.S. blockade of Iranian ports. President Donald Trump stated the blockade will persist until Iran agrees to a deal regarding its nuclear program.