US says it won’t renew sanctions waiver that allowed India to buy Russian oil

The United States will not renew waivers that had allowed countries, including India, to purchase Iranian and Russian oil without triggering sanctions, Treasury Secretary Scott Bessent said on Wednesday.

Bessent said that the waivers pertained to oil stranded at sea before March 11. “So all that has been used,” he told reporters.

The US had on March 5 granted Indian refiners a 30-day waiver allowing them to buy Russian oil stranded at sea amid the conflict in West Asia. The US treasury secretary had at the time described the move a short-term measure aimed at keeping global oil supplies, and maintained that it would not “provide significant financial benefit” to Russia.

The relaxation allowed India to secure additional Russian oil supplies amid global disruptions, with refiners reportedly ordering around 30 million barrels during the period, NDTV reported.

A week after granting the waiver to India, Washington extended a similar 30-day licence to other countries for Russian crude loaded before March 11. That waiver expired on April 11.

A similar relaxation covering Iranian oil shipments loaded before March 20 is set to expire on Sunday.

The waivers were introduced as temporary measures to ease pressure on global markets amid disruptions linked to Iran, allowing purchase of oil already loaded onto vessels before specified deadlines.

India is a net importer of oil and gas, with around...

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