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The moves signal an end to the Trump administration’s efforts to use the sanctions waivers to free up more oil supplies and lower soaring global energy prices.
US Treasury Secretary Scott Bessent. (Courtesy: Reuters)
The United States has announced that it will not extend sanctions waivers allowing countries to purchase Russian and Iranian crude oil that aimed to ease war-related supply shocks.
While addressing a press briefing, US Treasury Secretary Scott Bessent said that Washington would not renew the waiver of sanctions on Iranian oil at sea that expires this week, and let a similar waiver on sanctions on Russian oil expire over the weekend.
“We will not be renewing the general license on Russian oil, and we will not be renewing the general license on Iranian oil. That was oil that was on the water prior to March 11. So all that has been used,” Bessent said as quoted by news agency Reuters.
.@SecScottBessent on sanctions waivers: “We will not be renewing the general license on Russian oil and we will not be renewing the general license on Iranian oil. That was oil that was on the water prior to March 11.” pic.twitter.com/fbOzTJyEOT— Rapid Response 47 (@RapidResponse47) April 15, 2026
India was a key beneficiary of the sanctions waivers, which attracted significant criticism by US politicians for enriching loosening financial pressure on Moscow and Tehran. According to reports citing government officials, India placed orders for roughly 30 million barrels of oil from Russia after the sanctions waiver was put into effect.
The moves signal an end to the Trump administration’s efforts to use the sanctions waivers to free up more oil supplies and lower soaring global energy prices.
The waiver, introduced in March, had allowed Iran to sell oil that was loaded before March 20 – estimated at around 140 million barrels – to help ease global supply concerns during the ongoing conflict.
What Was The 30-Day Waiver?
On March 12, the Treasury Department issued a 30-day waiver to allow Indian refiners to purchase Russian oil with an aim to stabilise global energy markets amid rising tensions in the Middle East.
“To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil. This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea,” Bessent had said in a statement.
Terming India an “essential partner” of the United States, he had said that Washington anticipates that New Delhi will ramp up its purchase of US oil. “This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage.”
Washington D.C., United States of America (USA)
April 16, 2026, 02:08 IST
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