U.S. extends Iran Oil Sanctions Waiver for Another 30 Days

U.S. Secretary of the Treasury Scott Bessent said on Wednesday, April 22, that sanctions waivers covering Iranian and Russian maritime oil had been extended for another 30 days, adding that the decision came after requests from countries facing the risk of oil shortages.

Speaking during a hearing before the U.S. Senate Appropriations Committee on Wednesday, Bessent said finance ministers from around 10 countries had asked for the extension during last week’s meetings of the International Monetary Fund (IMF) and the World Bank. The move came even though Bessent had said last week that he would not renew the 30-day waiver for Iranian oil sales. The waivers were introduced during the recent war involving the U.S. and Israel against Iran in an effort to keep crude oil prices under control.

Bessent also pushed back on claims that the Iranian government had made more than $14 billion from these waivers, calling those figures “a myth,” though he did not provide a different estimate. He also spoke about financial tools, saying currency swap lines could be useful for the United States and the United Arab Emirates. According to him, these mechanisms are meant to help keep dollar-funding markets stable and avoid the disorderly sale of American assets.