US will not extend temporary sanctions waiver on sale of Russian & Iranian oil

The United States will not renew waivers that had allowed countries, including India, to purchase Iranian and Russian oil without triggering sanctions, Treasury Secretary Scott Bessent said on Wednesday.

Bessent said that the waivers pertained to oil stranded at sea before March 11. “So all that has been used,” he told reporters.

The US had on March 5 granted Indian refiners a 30-day waiver allowing them to buy Russian oil stranded at sea amid the conflict in West Asia. The US treasury secretary had at the time described the move a short-term measure aimed at keeping global oil supplies, and maintained that it would not “provide significant financial benefit” to Russia.