U.S. Ends Waivers on Iranian and Russian Oil Shipments

Treasury Secretary warns China, UAE, Oman, and Hong Kong over banks enabling Iranian illicit activity

Apr. 14, 2026 at 7:35pm

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A dynamic, abstract painting of an oil tanker ship in overlapping, fragmented shapes and colors, conceptually representing the disruption to global energy supply caused by U.S. sanctions.The U.S. government's move to end waivers on Iranian and Russian oil shipments signals an escalation of economic pressure that could roil global energy markets.Washington Today

The U.S. government has decided not to renew a 30-day waiver that allowed some Iranian oil shipments to reach global markets, signaling an escalation of the 'maximum pressure' campaign against Iran. Additionally, the U.S. has allowed a similar waiver on Russian oil shipments to expire. Treasury Secretary Scott Bessent warned banks in China, the UAE, Oman, and Hong Kong that they could face sanctions if they continue to facilitate Iranian illicit financial activities.

Why it matters

The move to end the oil waivers is part of the U.S. government's broader efforts to cut off Iran's access to oil revenue, which it says funds the country's nuclear program and support for militant groups in the Middle East. The pressure on banks in China, the UAE, Oman, and Hong Kong is aimed at further isolating Iran financially. These actions are likely to increase tensions between the U.S. and Iran, as well as with countries that have continued to do business with Iran.

The details

The U.S. Treasury Department had issued a 30-day waiver in March that allowed around 140 million barrels of Iranian oil to reach global markets. That waiver is set to expire on April 19 and will not be renewed. Similarly, a waiver on Russian oil shipments that expired over the weekend will also not be renewed. Treasury Secretary Bessent also sent letters to banks in China, the UAE, Oman, and Hong Kong, warning them to stop facilitating Iranian illicit financial activities or face potential sanctions.

  • The 30-day waiver on Iranian oil shipments is set to expire on April 19, 2026.
  • The waiver on Russian oil shipments expired over the weekend of April 11-12, 2026.

The players

Scott Bessent

The U.S. Treasury Secretary who issued the warnings to banks in China, the UAE, Oman, and Hong Kong about facilitating Iranian illicit financial activities.

Trump administration

The current U.S. presidential administration that has pursued a 'maximum pressure' campaign against Iran, including the use of sanctions and oil export waivers.

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What they’re saying

“Treasury is going full force on Economic Fury”

— Administration official

“My hope is for your swift action to identify and stop any illicit activity linked to Iran to avoid further action from Treasury”

— Scott Bessent, Treasury Secretary

What’s next

The U.S. government is expected to increase sanctions and other economic pressure on Iran and any entities or countries that continue to do business with the Iranian regime. This could include additional restrictions on Iranian oil exports, as well as penalties for banks and other institutions that facilitate Iranian financial activities.

The takeaway

The expiration of the oil waivers and increased pressure on banks mark a significant escalation of the U.S. government's campaign to isolate Iran economically. These actions are likely to heighten tensions in the region and raise concerns about potential disruptions to global energy supplies.