Overview
- Treasury Secretary Scott Bessent said Wednesday that Washington will not renew the short-term licenses, confirming the Russian waiver lapsed April 11 and the Iranian waiver will expire April 19 without extension.
- The waivers only covered oil already loaded before March 11, a move officials said was meant to steady prices during the Iran conflict and Strait of Hormuz disruptions, with roughly 140 million barrels reaching markets.
- Treasury has begun pressing foreign authorities about banks tied to Iranian funds and warned it is prepared to use secondary sanctions to deter new Iranian oil purchases.
- Estimates of Russia’s extra revenue diverge, with Treasury putting the maximum near $2 billion and outside analyses topping $4 billion, as shadow‑fleet exports kept overall flows high.
- Lawmakers in both parties criticized the temporary relief and some Democrats sought hearings, arguing the step undercut years of sanctions pressure on Moscow.