White House Allows Russian Oil Sanctions Waiver to Expire for Third Time

June 17, 2026 U.S. President Donald Trump. Mandel Ngan / AFP A temporary U.S. sanctions waiver allowing the sale and delivery of Russian seaborne crude oil expired for the third time on Wednesday, following comments made by U.S. President Donald Trump earlier this week that his administration is unlikely to renew it. Speaking at the G7 summit in France on Tuesday, Trump said his administration would “soon” be able to reimpose sanctions on Russian crude “because the oil is now flowing” through the Strait of Hormuz. “We took sanctions off because obviously we’re not looking to impede the oil,” Trump said, adding that the White House is now “in a position” to let the temporary general license lapse. Global oil prices initially skyrocketed in March after Iran effectively blockaded the Strait of Hormuz in retaliation for U.S.-Israeli military strikes. Around a fifth of the world’s oil and gas supplies normally pass through the narrow waterway. To help mitigate the largest-ever disruption to global energy markets, the Trump administration issued an emergency 30-day general license in March to permit the transit of Russian crude and petroleum products already at sea. The waiver was subsequently extended in April and May before its expiration on Wednesday. While some U.S. allies in Europe criticized the measure for providing a financial boon to Russia amid its war against Ukraine, vulnerable economies in Asia lobbied Washington for extensions to combat domestic fuel crises. Market anticipation of a finalized U.S.-Iran deal and the restoration of shipping traffic through the Strait of Hormuz has already triggered a sharp drop in energy prices. The price of Russia’s benchmark Urals crude, which peaked at around $120 per barrel during the height of the Iran war, has fallen below $65 per barrel. Read more about: Oil , United States , Sanctions Sign up for our free weekly newsletter Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview Subscribers agree to the Privacy Policy We sent a confirmation to your email. Please confirm your subscription. A Message from The Moscow Times: Dear readers, We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent." These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia. We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help. Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact. By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us. Once Monthly Annual Continue Not ready to support today? Remind me later. × Remind me next month Remind me Thank you! Your reminder is set. We will send you one reminder email a month from now. For details on the personal data we collect and how it is used, please see our Privacy Policy. Read more U.S. Extends Russian Oil Waiver for a Second Time The temporary general license, which had been allowed to lapse over the weekend, is now effective until June 17. 2 Min read U.S. Allows Russian Oil Waiver to Expire Again Sanctions experts said they expect the U.S. to either issue a short-term extension or grant specific exemptions to major Asian refineries. 2 Min read U.S. Grants Temporary Waiver to Allow India to Buy Russian Oil as Iran War Jolts Energy Markets Treasury Secretary Scott Bessent said the sale to India would “alleviate pressure caused by Iran's attempt to take global energy hostage.” 2 Min read U.S. Seizes Russia-Flagged Oil Tanker: What We Know The incident marks a rare open confrontation between Washington and Moscow in the second Trump presidency. 3 Min read