Russian Oil Sanctions Waiver Extension

The decision aims to stabilize global energy prices which have surged due to the ongoing conflict in Iran and the closure of the Strait of Hormuz.

Critics in Congress have labeled the extension a 'betrayal,' arguing it provides a financial lifeline to Moscow during its war in Ukraine.

The waiver allows global buyers to purchase Russian crude loaded on vessels prior to Friday, with a new expiration date of May 16.

This policy shift highlights the administration's struggle to balance geopolitical pressure on Russia with the need to curb domestic inflation.