The US will allow a 30-day extension for countries importing Russian oil currently at sea, a measure intended to mitigate supply shortages caused by the conflict in the Middle East. This marks a policy reversal regarding sanctions.

US Treasury Secretary Scott Bessent said on Monday the US will give a 30-day extension for countries to import Russian oil that is already in tankers at sea, a move that is meant to reduce the oil supply shortages caused by the Iran war. The announcement marks a continued policy reversal by an administration that had previously said the sanctions on Russian oil would resume. Originally announced in early March, the temporary waiver on the sanctions was first renewed in April, just two days after...