US Treasury Refuses to Renew Licenses for Russian and Iranian Oil as Sanctions Snap Back in Full

Washington has decided against extending the general licenses that permitted purchases of Russian and Iranian oil, US Treasury Secretary Scott Bessent has announced.

The move restores — and in practice tightens — the full weight of existing sanctions. Bessent sought to justify the month-long easing, arguing that the temporary relief ultimately served American interests.

“This oil was going to be sold anyway. It was heading to China one way or another. What we managed to do was redirect those volumes to our allies. We helped stabilize oil prices. And, as you can see, none of those apocalyptic scenarios ever came true,” Bessent said.

The temporary measures were introduced by the US administration on March 12 and remained suspended until April 12.