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US Open to Country-Specific Exemptions for Russian Oil, Bessent Says

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US Treasury Secretary Scott Bessent said Thursday that any future waivers allowing countries to buy Russian oil would likely be granted on a case-by-case basis rather than through broad exemptions.

Bessent made the remarks during a testimony before the House Ways and Means Committee.

"My strong inclination is that if there are further waivers, that they will be country-specific and not generalized," Bessent said, responding to questions from Representative Brian Fitzpatrick, a Pennsylvania Republican.

Secretary Bessent defended the Treasury's use of targeted exemptions for Russian seaborne oil, arguing they generated limited additional revenue for Russia.

"The Russian Federation has seen very little incremental revenue because of the waivers. Their oil was always going to China, and now the oil can go to our allies," Bessent said.

Fitzpatrick pressed Bessent on the Treasury Department's successive extensions of waivers exempting Russian seaborne oil from certain US sanctions imposed following the invasion of Ukraine.

Fitzpatrick said lawmakers from across the aisle had sought to ensure that Russia's war in Ukraine was not rewarded through sanctions relief. He pointed to legislation introduced last year that would impose tariffs of up to 500% on Russian imports and on countries that provide economic support to Russia's war effort.

"You have to step back and think, are you willing to put a 500% tariff on China?" Bessent said, adding that that he had been told by many that "tariffs are inflationary."

"I don't believe they are. But a 500% tariff is an embargo," Bessent said.

Secretary Bessent said several economically vulnerable countries had requested an extension of the original waiver during meetings of the International Monetary Fund and World Bank earlier in 2026.

Following the hearing, Fitzpatrick said he remained concerned about the continued use of waivers and planned to seek further clarification from Treasury officials.

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