US' Russian oil waiver set for an extension

WASHINGTON: US President Donald Trump's administration is likely to extend as soon as Friday a waiver allowing countries to buy some sanctioned Russian oil and petroleum products, two sources familiar with the matter said.

Russia's presidential envoy Kirill Dmitriev had said the original waiver would free 100 million barrels of Russian crude, equal to almost a day's worth of global output.

US Treasury Secretary Scott Bessent met with Trump in the White House on Thursday to talk about extending the waiver, and they agreed it was a good idea, one of the sources said, asking not to be named. Officials at the White House and Treasury Department did not immediately comment on the matter. Oil prices have spiked since the start of the war due to the partial closure of the Strait of Hormuz.

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The 32-nation International Energy Agency has said the war is creating the biggest oil supply disruption in history. Fuel prices are a big concern for the Republicans leading into November midterms.

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The waivers could complicate the West's efforts to deprive Russia of revenue for its war in Ukraine and put Washington at odds with its allies. European Commission President Ursula von der Leyen has said now is not the time to relax sanctions on Russia.