US Says It Will Not Renew Sanctions Waiver Allowing India To Buy Russian Oil

NDTV:

The United States has said it will not renew the waivers that allowed the purchase of some Iranian and Russian oil without facing US sanctions. India was a major beneficiary of the sanctions waivers, as they allowed New Delhi to continue the purchase of Russian oil amid disruptions around the Strait of Hormuz, which left several vessels stranded at sea.

“We will not be renewing the general licence on Russian oil, and we will not be renewing the general licence on Iranian oil. That was oil that was on the water prior to March 11. So all that has been used,” Treasury Secretary Scott Bessent told reporters on Wednesday.

The moves signal an end to the Donald Trump administration’s efforts to use the sanctions waivers to free up more oil supplies and lower soaring global energy prices, which have surged globally, including in the US, since the conflict in the Middle East escalated.