The United States has extended for another 30 days a sanctions waiver allowing trade in Russian seaborne oil, after multiple countries sought more time to continue purchases amid supply disruptions triggered by Iran's closure of the Strait of Hormuz.
"USTreasury is issuing a temporary 30-day general license to provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea," Treasury Secretary Scott Bessent said in a post on X.
"This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed. This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries," he said, further adding, "It will also help reroute existing supply to countries most in need by reducing China's ability to stockpile discounted oil."
The waiver, which expired on Saturday, was originally introduced to ease pressure on global oil supplies and rising fuel prices following the escalating US-Israel conflict with Iran. However, the move has so far done little to cool gasoline prices in the United States.
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Even as uncertainty remains over Washington's sanctions policy, India made clear it will continue importing Russian crude regardless of whether the waiver stays in place.
“We have been purchasing from Russia earlier, before waiver also, during waiver also, and now also,” Sujata Sharma, Joint Secretary in the Petroleum Ministry, said on Monday, stressing that India's crude sourcing is guided by commercial viability and energy security considerations.
She added that India has adequate long-term supply arrangements in place and that there is no concern over crude availability. “Whatever waiver or no waiver, it will not affect,” Sharma said.
Russian crude has become a key part of India's import basket since 2022, when Western sanctions over the Ukraine war pushed Moscow to offer oil at discounted prices. India, the world's third-largest oil importer, sharply increased purchases to manage elevated global energy costs.
While the US and Europe imposed sweeping sanctions on Russian entities, Russian oil itself was never directly sanctioned. Indian refiners have continued sourcing crude through non-sanctioned sellers, vessels and payment channels.
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According to Kpler data, Russian oil imports into India are expected to average nearly 1.9 million barrels per day in May, close to record levels, underlining New Delhi's continued reliance on discounted Russian supplies amid volatile global markets.
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