AP: US Finally 'cutting Off Oxygen' For Russian And Iranian Oil

There will be no further exceptions.

The US is finally cutting off the oxygen to Russian and Iranian oil exports. Washington will no longer make concessions to aggressors for the sake of stabilizing world prices.

Associated Press reports Associated Press with reference to the comments of US Treasury Secretary Scott Bessent.

US Treasury Secretary Scott Bessent said that there will be no new permits for the sale of Iranian and Russian crude. The U.S. has imposed a tight blockade especially on Tehran.

"We have a blockade and the oil is not coming in. And we believe that in the next two or three days they will have to start stopping production, which will have a very bad impact on their wells," the official said.

Stopping production is a huge risk, because if wells are mothballed incorrectly, they may never return to their previous capacity.

With regard to Russia, Washington's stance has also changed. In March, the US was forced to allow the sale of Russian oil and oil products that had already been loaded onto tankers. The price of a barrel jumped above $100 and the White House administration wanted to stabilize energy markets.

Now that period is over and Bessent explained that Russian oil that was "on the water" is effectively over. There will be no new supply authorizations. Additional supplies from Russia are no longer necessary for the world economy.

Bessent explained that the relaxations for Russian oil were prompted by a request from countries that were particularly affected by the oil crisis.

"More than 10 of the most vulnerable and poorest countries approached me and asked, 'Can you help?'" - Bessent said. "It was for those vulnerable and poor countries. But I don't think we're going to have another sequel. I think the Russian oil on the water has been largely depleted."

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