Gas price relief in sight as sanction exemptions on Russian oil are extended for a month in sudden reversal… while Democrats slam ‘shameful’ decision
The federal government has extended a sanction exemption on Russian oil for a month, resulting in swift backlash from Democrat leadership, who branded the decision ‘shameful.’
The Treasury Department implemented the reversal on Friday, just two days after Secretary Scott Bessent said the US would not extend the exemption.
The new policy allows countries to purchase Russian oil and petroleum products through May 16, excluding Iran, Cuba and North Korea. The previous waiver expired on April 11. The announcement was shared on the Treasury’s website.
Senators Chuck Schumer, Elizabeth Warren and Jeanne Shaheen condemned the move in a joint statement.
‘Make no mistake, Putin has been one of the biggest beneficiaries of President Trump’s war against Iran, as Russia saw oil revenues nearly double in March. Enough is enough,’ the statement continued.
‘President Trump needs to stop letting Putin play him for a fool and impose additional sanctions on Putin, who is clearly not feeling sufficient pressure from this President.
‘If President Trump does not change course, the war in Ukraine will continue and more innocent people will die.’
Crude oil prices skyrocketed in March following the joint US-Israeli military strikes against Iran.
The Treasury Department extended a sanction exemption on Russian oil, potentially signaling a cooling of gas prices (file photo)
The Trump administration issued the reversal on Friday, resulting in swift backlash. Trump is pictured above speaking to reporters
Democrat senators questioned the decision to extend sanction exemptions, asking what message it sent to Russia and President Vladimir Putin, pictured above on Thursday
Since the start of the war, oil prices have increased by 25 percent and have skyrocketed by 45 percent since the beginning of the year.
One of the consequences of the conflict was the closure of the Strait of Hormuz, a critical waterway on the coast of Iran that controls a fifth of the world’s oil.
Americans felt the ramifications at the gas pump, with average prices surging from $2.98 to over $4 per gallon.
