Trump Extends Sanctions Waiver on Russian Oil to Stabilize Prices

Donald Trump and Treasury Secretary Scott Bessent agreed to extend a sanctions waiver as soon as April 10, 2026, permitting nations to continue purchasing sanctioned Russian oil and petroleum products. The move comes as the original 30-day reprieve was set to expire on April 11. This measure was originally implemented to stabilize global energy markets after a war with Iran and the partial closure of the Strait of Hormuz choked a fifth of the world's oil flow, triggering significant price spikes.

Asian nations led the push for the extension, with the Government of India and the Philippines Department of the Interior and Local Government urging the U.S. Treasury Department to renew the reprieve. India specifically sought additional exemptions for Russian LNG and Iranian crude to ensure energy security. Russian presidential envoy Kirill Dmitriev noted that the extension would release approximately 100 million barrels of crude oil into the global market.

The decision encountered significant opposition from members of the U.S. Congress and European allies, who argued that the waiver enables Russia to continue funding its military operations in Ukraine. European Commission President Ursula von der Leyen criticized the move, stating "it is not the time to relax sanctions against Russia." Treasury Secretary Scott Bessent defended the decision as a "deliberate short term measure" intended to prevent a broader global economic shock resulting from the energy crisis in the Middle East.