The waiver allowing the sale of Russian oil has been extended for another 30 days, and is expected to generate about $150 million per day.
U.S. Treasury Secretary Scott Bessent announced that the waiver allowing the delivery and sale of Russian oil currently out at sea would be extended for an additional 30 days.
The secretary stated that this extension will help “provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea.” His explained that the U.S. would work with other nations to provide specific licenses that are needed to acquire the Russian oil, and that this will help to stabilize the physical crude market.
The sanctions relief was first issued on March 5 to allow India to buy Russian crude oil, and was later broadened on March 12. This generated approximately $150 million per day in revenue for Russia, or between $3.3 billion and $5 billion for the month of March. Those opposed to extending the waiver state that allowing the oil to be sold helps Russia fund its war with Ukraine.
As the Lord Leads, Pray with Us…
- For discernment for Secretary Bessent as he oversees the Treasury Department.
- For President Trump and members of his administration as they make decisions that impact global economics and supply.
- For the president to receive God’s wisdom as he assesses world conflicts and sets U.S. policies.
Sources: UPI News, WDIO ABC
