The Trump administration allowed a sanctions waiver on Russian seaborne oil to lapse on May 17, 2026, after a one-month extension aimed at easing energy market pressures. The waiver had permitted countries including India to purchase Russian seaborne oil. The extension followed Iran's closure of the Strait of Hormuz, which contributed to oil supply shortages and high prices.
Sanctions waiver expiration
- ▪The sanctions waiver on Russian seaborne oil had been extended for one month before being allowed to lapse
- ▪The sanctions waiver had previously allowed countries including India to buy Russian seaborne oil
- ▪The Trump administration allowed a sanctions waiver on Russian seaborne oil to lapse on May 17, 2026
- ▪The one-month extension of the sanctions waiver on Russian seaborne oil was aimed at easing oil supply shortages and high prices
Strait of Hormuz closure
- ▪Iran closed the Strait of Hormuz
- ▪Iran's closure of the Strait of Hormuz contributed to oil supply shortages
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