U.S. Treasury Secretary Scott Bessent said Friday that the U.S. does not plan to renew a waiver allowing the purchase of Russian oil and petroleum products that are currently at sea.

Axar.az informs, citing The Associated Press, that a renewal of the one-time waiver for Iranian oil at sea is totally off the table.

“Not the Iranians. We have the blockade, and there’s no oil coming out,” he said.

“And we think in the next two, three days, they’re going to have to start shuttering production, which will be very bad for their wells,” he added.

It should be noted that the United States had granted temporary authorization for operations involving the sale, transport, and unloading of Russian-origin oil and petroleum products.