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Rubio said waiver was introduced as a temporary measure to help stabilise global energy supplies and was never intended to alter the broader US policy of sanctioning Russian oil.
US Secretary of State Marco Rubio (Image: Reuters/File)
US Secretary of State Marco Rubio on Tuesday said Washington would like to end the sanctions waiver on Russian oil “as soon as possible”, while noting that the final decision rests with the US Treasury Department.
Speaking during a Congressional hearing, Rubio said the waiver was introduced as a temporary measure to help stabilise global energy supplies and was never intended to alter the broader US policy of sanctioning Russian oil exports.
“That ultimately is a decision to be made by Treasury. I can tell you it depends on the circumstances at the time. We would like to end it as soon as possible because the underlying policy of this country has been to sanction their oil. These were time-limited waivers for opening up more global supply,” Rubio said.
The comments come amid ongoing concerns over global energy markets following disruptions to crude oil supplies after the conflict involving the US, Israel and Iran. The situation was further complicated by the blockade of the Strait of Hormuz, a critical maritime route for global oil shipments.
The United States first introduced the waiver in March to ease supply pressures and prevent a sharp spike in energy prices. Since then, the exemption has been extended twice, with the latest extension scheduled to expire on June 17.
Last year, the US imposed an additional 25% tariff on India over the sale and purchase of Russian oil. India, however, had said it will take all actions necessary to “protect its national interests”.
The US has nudged India, the world’s third-largest oil buyer, to buy oil from Venezuela. As per a preliminary data from Kpler, India bought roughly 420,000 bpd of oil in May from Venezuela, up from 283,000 bpd in April.
Meanwhile, Venezuela’s interim President Delcy Rodriguez will also travel to India on Wednesday for a five-day visit.
About the Author
Saurabh Verma covers general, national and international day-to-day news for News18.com as a Chief Sub-editor. He keenly observes politics. You can follow him on Twitter –twitter.com/saurabhkverma19
Washington D.C., United States of America (USA)
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