The US is not extending the waivers on buying limited quantities of Russian and Iranian oil that had benefited India among other countries. The waiver for Russian oil was issued on March 5 and ended on April 11. That for Iranian oil was issued on March 20th and ends on April 19th.
“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.
Indian refiners may have placed orders for 30 million barrels of Russian oil during the waiver period. Reliance has already reduced purchases from Russian firms such as Rosneft and Lukoil amid US pressure in January this year, but the waiver enabled them to buy more oil from Russian companies.
Amid waivers, at least two supertankers carrying Iranian crude reached Indian ports, marking the first such deliveries in nearly seven years. Historically, India was a major buyer of Iranian crude. At its peak India bought more than 11% of Iranian oil exports.
The waiver was criticised by the Democrats when it was announced, many saying it was helping Russia pursue an unjust war in Ukraine.
“Trump’s waiver has handed Russia an extra $150 billion a day to fuel its murderous war machine killing and kidnapping Ukrainian kids–while it aids Iran with intelligence to target our troops,” said US Senator Richard Blumenthal in a post on X on April 10.
Other Democrats like Chuck Schumer also called for the Trump administration to reverse the “dangerous” sanctions waiver policy.
“In addition to flouting notification requirements to Congress under the Countering America’s Adversaries Through Sanctions Act before relaxing sanctions on the Kremlin, Secretary Bessent characterised the licence as a temporary and ‘short-term’ measure that would not provide significant financial benefit to the Russian government,” he said in a joint statement with two other Democrats.
