WASHINGTON — US Treasury Secretary Scott Bessent announced a 30-day extension of sanctions relief on Russian and Iranian seaborne oil, responding to urgent pleas from finance leaders of roughly 10 nations most at risk of energy shortages due to the closed Strait of Hormuz.
Speaking at a Senate Appropriations subcommittee budget hearing, Mr. Bessent revealed the requests surfaced during last week’s International Monetary Fund and World Bank meetings. The decision marked a reversal from his prior statement that he would not renew the expiring waivers.
He dismissed claims that Iran has netted over US$14 billion (S$17.8 billion) from the relief as “a myth,” offering no alternative revenue estimate.