The United States has announced that it will not renew sanctions waivers that previously allowed limited purchases of Iranian and Russian oil without triggering penalties, a move expected to impact major beneficiaries such as India.
US Treasury Secretary Scott Bessent confirmed on Wednesday that the general licences permitting such transactions will expire and will not be extended. He clarified that the waivers only covered oil shipments that were already in transit before March 11, and those supplies have now been fully utilised.
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India had significantly benefited from these exemptions, as they enabled continued imports of Russian oil during disruptions in global shipping routes, particularly around the Strait of Hormuz, where several vessels had been stranded.
The decision marks a shift in US policy under the Donald Trump administration, which had earlier used these waivers to stabilise global oil supply and curb rising energy prices. With the waivers now ending, concerns are growing over tighter supply conditions and the potential for further increases in global oil prices, which have already surged amid ongoing tensions in the Middle East.
(This story is published from a syndicated feed)
