Accordingly, the temporary license expired at 12:01 a.m. on May 16 Eastern Time (around 11:01 a.m. the same day in Vietnam), with no new extension announced. US Treasury Secretary Scott Bessent had earlier stated that Washington had no plans to further extend the waiver. A spokesperson for the US Treasury Department also declined to comment further on the decision.
The most recent extension issued by the Trump administration was announced on the evening of April 17 (local time). At that time, analysts viewed the temporary waiver extension as part of US efforts to stabilize the global energy market after escalating tensions in the Middle East triggered a sharp rise in oil prices.
Under that extension, countries and companies were granted an additional 30 days to continue receiving, paying for, and completing transactions involving Russian oil cargoes that had already been loaded onto vessels and were being transported by sea, despite broader US sanctions imposed on Russia in connection with the conflict in Ukraine.
