US will not renew Iranian, Russian oil waivers, Treasury Secretary tells Associated Press

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US Treasury Secretary Scott Bessent looks on as he speaks to the media after two days of meetings with a Chinese delegation, in Paris, France March 16, 2026




















US Treasury Secretary Scott Bessent looks on as he speaks to the media after two days of meetings with a Chinese delegation, in Paris, France March 16, 2026
(photo credit: REUTERS/Abdul Saboor)

The United States will not renew Iranian and Russian oil waivers, Treasury Secretary Scott Bessent told The Associated Press on Saturday, referring to a policy allowing for the purchase of petroleum products from sanctioned countries if said assets are already at sea.

“We have the blockade [on Iran]," said Bessent, "and there’s no oil coming out. And we think in the next two, three days, they’re going to have to start shuttering production, which will be very bad for their wells.”

According to the Associated Press, the waivers were originally issued to ease the strain on global energy markets caused by the Russia-Ukraine war and the US-Iran war.

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