Would like to end sanctions waivers on Russian oil: Rubio

“Ultimately it’s a decision that’s made by the Treasury but I will tell you it depends on the circumstances at the time. We would like to end it as soon as you possibly can because the underlying policy of this country has been to sanction their oil. These are time-limited waivers for the purpose of opening up more global supply,” said Rubio when asked if the Trump administration would commit to ending the general licence, which is set to expire later in June.

In March this year, the Trump administration issued two 30-day licences which allowed the purchase of previously sanctioned Russian and Iranian energy. The licences were intended to allow greater energy supplies to flow into the global market and ease prices that rose swiftly after the United States and Israel launched military strikes on Iran in late February.

US Treasury Secretary Scott Bessent subsequently announced in April that Washington would not renew the two licences. Ultimately, a new general licence was issued allowing energy purchases from Russia while ending the licence allowing the purchase of Iranian energy.