Gate News message, April 16 — The Trump administration will not renew expiring sanctions waivers for Iranian and Russian oil, Treasury Secretary Scott Bessent announced on Wednesday. The Russian oil waiver, originally set to expire on April 19, and the Iranian oil waiver, expiring at the end of the week, will not be extended. Bessent noted that the oil covered under these waivers “was on the water prior to March 11” and has already been used.
The U.S. is now threatening secondary sanctions against countries purchasing Iranian oil. “We have told countries that if you are buying Iranian oil, that if Iranian money is sitting in your banks, we are now willing to apply secondary sanctions,” Bessent stated. The Treasury has already informed two Chinese banks of potential consequences, as China historically purchased over 80% of Iran’s oil exports. The U.S. expressed confidence that China will halt purchases amid a newly imposed maritime blockade on Iran, the seventh since the conflict began.
The Iranian waiver released approximately 140 million barrels of oil, according to Bessent’s estimates. The decision marks an end to Trump administration efforts to stabilize global oil supplies amid elevated energy prices. Brent crude oil (a global benchmark for crude oil pricing) had spiked above $100 per barrel following U.S. and Israeli strikes on Iran in late February, though prices have since moderated. The European Bank for Reconstruction and Development warned that prolonged Middle East conflict could reduce economic growth by 0.4% and increase inflation by 1.5% in its member countries.
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