US Lets Russian Oil Sanctions Waiver Lapse — Reports
The tanker Sun Arrows loads its cargo of liquefied natural gas from the Sakhalin-2 project in the port of Prigorodnoye, Russia, on Friday, Oct. 29, 2021
The US Treasury allowed a temporary sanctions waiver for Russian seaborne oil to lapse after a one-month extension, American media reported.The waiver had allowed countries, including India, to buy Russian oil already loaded on tankers as Washington tried to ease global supply shortages and high prices linked to the Iran conflict and the closure of the Strait of Hormuz.
The decision comes despite US gasoline prices hovering around $4.50 per gallon and oil prices remaining near or above $100 per barrel since the war began.
Once again, Washington’s sanctions policy collides with energy reality: restrict supply, fuel price pressure, then blame everyone else for the consequences.
