US Extends Exemption for Russian Oil Purchases to May 16

The United States Treasury Department has announced a one-month extension for the purchase of Russian oil and petroleum products currently in transit by sea. This grace period, granted under the Trump administration, allows for the sale of these products until May 16. The decision applies specifically to oil and petroleum products that were loaded onto ships by a recent deadline. This extension follows a previous 30-day exemption that concluded on April 11, and comes despite earlier statements from Washington indicating that the relief would not be renewed. The move is understood to be aimed at mitigating potential disruptions to global oil supplies, particularly in light of the ongoing situation involving Iran.