The Trump administration is likely to extend a waiver allowing countries to purchase sanctioned Russian oil and petroleum products, two sources told Reuters on Friday, as the original 30-day exemption expired on April 11.
The US Treasury first permitted purchases of Russian oil at sea in mid-March as part of efforts to control global energy prices during the US-Israeli military campaign against Iran. Russia’s presidential envoy Kirill Dmitriev said the original waiver freed approximately 100 million barrels of Russian crude for global markets.
US Treasury Secretary Scott Bessent met President Trump on Thursday to discuss the renewal, with both agreeing an extension was warranted, according to the report. The waiver’s continuation is considered critical for energy-importing nations navigating the ongoing Strait of Hormuz disruption, which has constrained approximately 20 percent of global oil and gas shipments.
The development carries direct implications for Sri Lanka, which has been negotiating a political-level deal with Russia for oil supply. Transport Minister Bimal Rathnayake told TASS in early April that a Russia-Sri Lanka oil arrangement was agreed at political level, with technical and financial terms still pending. Without the US waiver, any such deal would expose Sri Lanka to secondary sanctions.
The US also waived sanctions on Iranian oil at sea on March 20 for 30 days, suggesting a parallel renewal may follow.
Senate Democrats Chuck Schumer and Jeanne Shaheen have urged the administration not to renew the Russian oil licence, arguing it remains unclear whether the measure provided meaningful price relief.
