US extends sanctions waiver on Russian oil: Why it matters

The United States has announced a 30-day extension of a sanctions waiver for countries purchasing Russian oil currently loaded on tankers at sea, due to disruptions in global energy markets caused by the US-Israel war on Iran. Treasury Secretary Scott Bessent stated that this extension, lasting until June 17, aims to assist the most vulnerable nations in temporarily accessing Russian oil. Despite ongoing European sanctions since the invasion of Ukraine, the energy market remains unstable.