US Signals End to Russian Oil Sanctions Waivers for India
Washington has announced it will not extend sanctions waivers that facilitated India’s oil purchases from Russia, signaling a shift in its approach to managing global energy markets.
A senior US Treasury official confirmed on Wednesday that the general license permitting such transactions would not be renewed. This decision follows opposition from several US senators to any extension of the waivers.
The United States had initially granted India a 30-day waiver in early March, citing the need to ensure stability in the global oil market.
Following this exemption, India significantly increased its imports of Russian crude oil. After a gradual reduction in purchases from Moscow since last year, India’s crude oil procurement from Russia more than tripled in March, surging from $1.54 billion in February to $5.8 billion. Reports indicate that Indian refineries ordered approximately 30 million barrels of Russian oil during this period. The end of these waivers suggests a recalibration of US policy regarding energy trade with Russia and its impact on international markets.
