On Wednesday, US Treasury Secretary Scott Bessent confirmed that Washington would not renew the general license that had temporarily allowed the sale of Russian oil. He made the remarks during a White House press briefing while also announcing that the administration would not renew a similar waiver for Iranian oil.
In March, Bessent said the waiver was temporary and would not deliver significant financial benefits to the Russian government.
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Asked how much Russia may have benefited from the 30-day relief, Bessent did not give a firm figure, arguing that the waiver had been used to help stabilize oil prices by redirecting barrels that were already on the water. He said those cargoes would have been sold to China regardless, but were instead pushed to US allies.
Bessent also confirmed that the United States had sent letters to Chinese banks warning that they could face secondary sanctions if US authorities determine that Iranian funds are moving through their accounts. The warning reflects a broader US effort to target the financial networks that help sustain Iranian oil trade, including transactions linked to China. Bessent said banks and countries dealing in Iranian oil or handling Iranian funds could face punitive measures if they continue such activity.
He described the approach as part of a broader campaign to intensify economic pressure on Tehran, which the Treasury Department has labeled “Economic Fury.” The move targets not only oil shipments and traders, but also the financial channels used to process related payments, widening the scope of sanctions enforcement.
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