The United States has extended a sanctions exemption for Russian oil sales. Currently, U.S. President Donald Trump is striving to curb rising fuel prices—a surge that has led voters to complain about the cost of living amid the Iran conflict.
U.S. Treasury Secretary Bessent stated on Monday that the Treasury Department will issue a new 30-day temporary license, "allowing the most vulnerable nations temporary access to Russian oil currently stranded at sea."
This marks the second time the Trump administration has extended the sanctions exemption for Russian oil. Initially introduced in March this year, the exemption permits sanctioned Russian oil to enter the global market, aiming to mitigate sharp increases in oil prices.
Bessent wrote on social media platform X: "This general license will help stabilize the spot crude market and ensure oil flows to countries with the most urgent energy needs."
Since Trump initiated the war against Iran in late February, the White House has struggled to control the surge in oil prices. The international benchmark Brent crude rose by over 50% on Monday, surpassing $110 per barrel.
The rise in oil prices has directly driven up domestic fuel costs in the U.S. Data from the American Automobile Association shows that U.S. gasoline prices have increased by 51%, reaching $4.52 per gallon. The price of diesel, a critical industrial raw material, has seen a similar rise, reaching $5.63 per gallon, nearing record highs.
A report released by Brown University on Monday indicates that since the outbreak of the Iran war, U.S. citizens have incurred over $40 billion in additional spending on fuel.
Public dissatisfaction with the cost of living during the war is growing. Recent polls show that 58% of Americans disapprove of Trump's approach to managing living costs.
To lower oil prices, the Trump administration has implemented a series of measures: releasing a record amount of crude from the Strategic Petroleum Reserve, easing shipping and environmental fuel restrictions, and proposing a suspension of federal gasoline and diesel taxes. However, these efforts have had limited success.
The sanctions exemption for Russian oil is highly controversial, with critics arguing that it effectively funds Moscow's military expenses.
Democratic Senators Shaheen and Warren stated on Monday, "With gasoline prices continuing to rise and inflation remaining high, the administration has failed to demonstrate that this measure will reduce costs for American families or stabilize the global energy market."
Bessent had previously indicated that the exemption would not be extended further but changed course on Monday, stating that the move aims to alleviate pressure on impoverished nations. Simultaneously, the U.S. will negotiate with these countries to issue country-specific licenses.
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