US Rules Out Renewal of Waiver Allowing India to Buy Oil From Russia

The United States on Wednesday ruled out granting any further exemption from sanctions for the purchase of Russian or Iranian oil. 

US Treasury Scott Bessent made the announcement at a press conference at the White House. 

"We will not be renewing the general license on Russian oil, and we will not be renewing the general license on Iranian oil. That was oil that was on the water prior to March 11, so all that has been used," Bessent told reporters



here.

On March 5, the US issued a 30-day sanctions waiver to India, permitting it to buy Russian oil despite sanctions imposed over the Ukraine war. 

A few days later, the US extended the sanctions waiver to a few other nations. 

The waiver from sanctions expired on April 11. India's crude oil purchases from Russia more than tripled to 5.3 billion euros in March as volumes doubled and a surge in oil prices pushed up the import bill.