US refuses to extend general license on Russian, Iranian oil: US Treasury Sec says, ‘all that has been used…’

What Happened

U.S. Treasury Secretary Scott Bessent announced Wednesday that the United States will not renew the general license permitting limited transactions involving Russian and Iranian oil. The decision affects India, a major user of these exemptions. Simultaneously, the U.S. tightened sanctions against Iran's oil industry, targeting over two dozen people, companies, and ships connected to petroleum magnate Mohammad Hossein Shamkhani's network, citing Iran's closure of the Strait of Hormuz during Middle East conflict.

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