US Extends Russia Oil Waiver for One Month; Brent Holds $108.73, Ruble Gains 12% Since April

According to the U.S. Treasury, the Office of Foreign Assets Control has extended a sanctions waiver allowing sales of Russian crude already loaded on tankers for another month through June, keeping supply available to buyers including Indian refiners facing energy cost pressures. Treasury Secretary Scott Bessent said the waiver aims to stabilize physical crude markets amid Strait of Hormuz shipping disruptions. Brent crude trades near $108.73 per barrel, while WTI holds around $101.98 after prices eased on President Trump's decision to delay military action against Iran.

The Russian ruble has strengthened approximately 12% against the U.S. dollar since early April, with USD/RUB trading near 71–72 rubles per dollar—its strongest level since February 2023. Higher oil prices have supported Russia's foreign currency inflows, with major exporters reportedly increasing net sales to around $7.3 billion.