Waivers allowing purchase of Russian and Iranian oil won't be renewed - Bessent

Bessent says that the US government "will not be renewing the general licence on Russian oil", nor one on Iranian oil. These were temporary waivers of sanctions that allowed for the purchase of Russian and Iranian oil that was already at sea at the time. Bessent clarifies that those waivers were on "oil that was on the water prior to March 11th, so all that has been used".