Ranking Member Elizabeth Warren of the U.S. Senate Committee on Banking, Housing and Urban Affairs, joined by Senate Foreign Relations Committee Ranking Member Jeanne Shaheen, issued a statement urging the Trump Administration not to extend the Department of the Treasury’s General License 134B, which authorizes the purchase of Russian oil loaded on vessels as of April 17, 2026. The senators said the current license was due to expire that night and should be allowed to lapse. They argued there is no evidence the license is reducing fuel costs for U.S. households, citing average gasoline prices above USD 4.50 per gallon, and said it instead provides additional revenue to Russia during President Trump’s war in Iran. They also pointed to Russia’s reported offer of assistance to Iran in targeting U.S. service members and said the administration has not explained how the license benefits Americans or oil markets.
U.S. Senate Committee on Banking, Housing and Urban Affairs2026-05-15
U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member urges Trump administration not to extend Treasury license allowing Russian oil purchases
Ranking Member Elizabeth Warren of the U.S. Senate Committee on Banking, Housing and Urban Affairs and Ranking Member Jeanne Shaheen of the Senate Foreign Relations Committee urged the Trump Administration not to extend the U.S. Department of the Treasury’s General License 134B, which authorizes purchases of certain Russian oil. They argued the license has not lowered U.S. fuel costs, instead increases Russian revenue during President Trump’s war in Iran, and lacks clear justification in terms of benefits to Americans or oil markets.