"Would like to end it as soon as we possibly can": Rubio on US extending waiver on Russian oil

Addressing the Senate Foreign Relations Committee, Rubio said the continuation of waivers depends on prevailing circumstances in global energy trade and broader US policy considerations.

"That ultimately is a decision that's made by [US] Treasury, but I will tell you, it depends on the circumstances. At the time, we would like to end it as soon as we 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," Rubio said.

The remarks come amid ongoing Western sanctions targeting Russia's energy sector following the conflict in Ukraine, with Washington continuing to review temporary exemptions aimed at stabilising global oil supply, which saw a major disruption following the conflict in West Asia.

Last month, US Secretary of Treasury Scott Bessent stated that his Department is issuing a temporary 30-day general license to provide "the most vulnerable nations" with the ability to temporarily access Russian oil currently stranded at sea.

In a post on X, he said this extension will provide additional flexibility.

"We will work with these nations to provide specific licenses as needed. This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries," he said.

"It will also help reroute existing supply to countries most in need by reducing China's ability to stockpile discounted oil," he added.

The announcement comes after the previously issued 30-day waiver expired.

On May 16, the previous waiver for Russian at-sea oil expired. Initially granted in March, the temporary exemption was designed to buffer global fuel supplies by permitting transit-bound cargoes to reach international buyers despite active sanctions.

It is the third such extension since the West Asia conflict started on February 28. (ANI)