Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, and Jeanne Shaheen, Ranking Member of the Senate Foreign Relations Committee, issued a statement criticizing the Trump Administration for again extending the Department of the Treasury’s temporary sanctions relief for Russian oil after General License 134B expired on May 16, 2026. They argued the extension allows the Kremlin to keep earning oil revenue that supports Russia’s war in Ukraine and said the Administration has not shown that the relief is lowering costs for U.S. families or stabilizing global energy markets. In the statement, they also challenged the Administration’s rationale that the measure helps energy-vulnerable countries, arguing that it did not pair the relief with tools that would limit the prices Russia could charge. They further contended that removing sanctions risk has helped Russia obtain higher prices for its oil cargoes, and tied their criticism to recent Russian attacks on Kyiv, strikes on American businesses in Ukraine, and Russia’s support for Iran in targeting U.S. servicemembers.
U.S. Senate Committee on Banking, Housing and Urban Affairs2026-05-18
U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member condemns renewed sanctions relief for Russian oil
Elizabeth Warren and Jeanne Shaheen, Ranking Members of the Senate Banking and Foreign Relations Committees, criticized the Trump Administration for extending Treasury’s temporary sanctions relief for Russian oil after General License 134B expired on May 16, 2026. They argued the extension sustains Russian oil revenues without clear benefits for U.S. consumers or energy markets, does not limit prices Russia can charge, and reduces sanctions risk, enabling higher Russian oil prices amid ongoing Russian military actions and support for Iran.