Gate News message, April 18 — The U.S. Treasury Department renewed a sanctions waiver on April 17 allowing the purchase of Russian oil cargoes already loaded on vessels, extending the relief through May 16 under General License 134B. The move marked a reversal from Treasury Secretary Scott Bessent’s statement on April 15 that Washington would not renew the waivers, citing that earlier relief had already eased supply strain. The renewed license authorizes transactions involving Russian crude oil and petroleum products loaded on or before April 17, but excludes Iran, Cuba, North Korea, covered Ukrainian regions, and Crimea.
Brent crude prices fell sharply on Friday following Iran’s announcement that commercial vessels could transit the Strait of Hormuz during the ceasefire period. Brent crude futures settled down $9.01, or 9.07%, at $90.38 per barrel after falling as low as $86.09, while U.S. West Texas Intermediate dropped $10.48, or 11.45%, to $83.85. Both benchmarks posted their largest daily declines since April 8 as markets unwound risk premiums tied to potential supply disruptions in the Gulf.
The policy shift drew criticism from European and allied officials. European Commission President Ursula von der Leyen stated this was not the moment to relax sanctions on Russia. Russian President Vladimir Putin’s envoy Kirill Dmitriev claimed the extension would affect an additional 100 million barrels, bringing total coverage under both waivers to 200 million barrels. The decision reflected pressure from Asian buyers seeking to maintain oil supply availability amid geopolitical tensions.
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