WANA (Apr 22) – Scott Bessent has extended sanctions waivers on Iranian and Russian oil exports for 30 days, following requests from several countries seeking to mitigate the impact of the Strait of Hormuz crisis.

 

According to him, the decision was made in response to countries most vulnerable to potential oil shortages resulting from a possible closure of the Strait of Hormuz.

 

Speaking on Wednesday at a Senate Appropriations Subcommittee budget hearing, Bessent said the requests were raised by financial officials from around 10 countries during last week’s meetings of the International Monetary Fund and the World Bank.

 

The move comes despite his remarks last week indicating that the expiring sanctions waivers would not be extended.