Trump Extends Russian Oil Sanctions Waiver as Gas Prices Stay High

The Trump administration broadened a Russian oil sanctions waiver just as fears over the Strait of Hormuz and the Iran war sent energy markets into a new round of strain, choosing to steady global supply even as critics said it risked softening pressure on Moscow. With gasoline prices still elevated for American drivers, the move underscored the administration’s balancing act between foreign policy leverage and voter pain at the pump.

The Treasury Department’s Office of Foreign Assets Control issued General License 134B on Friday, authorizing the delivery and sale of crude oil and petroleum products of Russian Federation origin loaded on vessels as of April 17, 2026. The authorization runs through May 16, extending a 30-day license issued in March that had been set to expire April 11. The waiver applies only to oil already loaded on tankers and does not permit new purchases.

The timing sharpened the political stakes. The New York Times reported that the administration announced the move hours after Iran said the Strait of Hormuz was open to commercial ships, while the Associated Press said Treasury extended the pause to ease shortages tied to the Iran war. Treasury Secretary Scott Bessent had said days earlier that the administration would not renew the exemption, making the reversal a public shift after weeks of signaling that the waiver would end.

Lawmakers quickly seized on the decision. Reuters reported that members of Congress accused the administration of going easy on Moscow as the war in Ukraine continued. Gregory W. Meeks, the top Democrat on the House Foreign Affairs Committee, and Republican Don Bacon sent a bipartisan letter demanding answers from Bessent and Secretary of State Marco Rubio, warning that easing Russian oil sanctions could undercut U.S. national security interests by generating revenue that helps sustain the war.

The policy also has implications beyond Washington. Reports said India was among the biggest beneficiaries of the earlier waiver, and Indian state refiners sharply increased Russian oil purchases in March 2026 as supply conditions shifted. That reality helps explain why the administration moved to keep barrels flowing even as it faces criticism that the waiver blunts the sanctions regime. For Trump, the decision buys time in the oil market, but it also raises a harder question: whether sanctions can remain credible if they are relaxed whenever global prices become politically dangerous.