The US Treasury Department intends to extend the expired general license that allowed for operations involving Russian oil transported by sea. Reuters reported this on May 18, 2026, citing a source familiar with the plan.

Temporary waivers introduced by the US administration in March 2026 permitted the unloading and trading of Russian crude oil and petroleum products that were already loaded onto tankers when more stringent sanctions were imposed. The initial waiver expired on May 16, but the new extension will be for an additional 30 days. No official notification from the US Treasury Department has been received at the time of publication.

US Treasury Secretary Scott Bessent previously stated that he did not intend to renew the license, citing the depletion of Russian oil reserves "on the water." However, according to sources, the decision to renew was made amid ongoing tensions in global oil markets and the price of Brent crude above $100 per barrel due to Iran's ongoing blockade of the Strait of Hormuz.

The previous sanctions exemption was criticized by Republican senators, who claimed it was a revenue boost for the Russian budget. Russia is one of the world's largest oil producers.