US Ends Russian and Iranian Oil Sanctions Waivers

The United States confirmed on Wednesday that it will not extend waivers which permitted nations to purchase Russian or Iranian oil under certain conditions. This announcement was made by US Treasury representative Scott Bessent during a press briefing at the White House.

The now-expired sanctions waiver, issued in early March, had notably allowed India to acquire Russian oil despite existing sanctions related to the Ukraine war. This move was attributed to attempts to prevent supply shortages and mitigate price increases amid the ongoing conflict in the region.

The withdrawal of these exemptions marks the US's firm stance against Russia, and it may significantly impact global oil trade dynamics, affecting major importers like India, which increased their purchase of Russian hydrocarbons in March.