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EXCERPT:
The Kremlin said Monday that a new U.S. sanctions waiver on Russian oil exports proves that the commodity is too vital to the global economy to be sidelined.
“Russia remains a responsible and very important player in global energy markets,” Kremlin spokesman Dmitry Peskov told reporters. “The market is going through tough times and, of course, Russian volumes are difficult not to take into account and ignore.”
The U.S. Treasury Department issued the extension on Friday, allowing for the purchase of Russian oil and petroleum products loaded onto ships between April 17 and May 16. The move is part of an ongoing effort to stabilize global energy prices, which have surged following the outbreak of war in the Middle East.
Several Asian countries had lobbied Washington for an extension as they looked for alternatives to Middle Eastern supplies disrupted by the closure of the Strait of Hormuz. On Thursday, Indonesia announced a new agreement to receive Russian crude, while Malaysia said its state energy firm, Petronas, is negotiating its own purchases.