The United States Department of the Treasury has announced a new 30-day waiver allowing countries, including India, to continue purchasing Russian oil without facing sanctions. The move marks a sudden policy shift after earlier signals that such exemptions would not be extended.
The decision comes just days after Scott Bessent stated that the United States would not renew previous temporary licences that permitted limited trade in Russian and Iranian energy. However, the new order replaces the earlier licence for Russian oil, while making it clear that transactions involving Iranian energy are no longer allowed.
Under the updated waiver, countries can continue buying Russian crude oil and petroleum products that were loaded onto ships on or before April 17. These transactions will remain permitted until shortly after midnight Eastern Standard Time on May 16.
The policy change is expected to benefit countries that rely heavily on imported energy. India, in particular, had significantly increased its purchases of Russian oil under earlier exemptions. Reports suggest that Indian refiners had placed large orders during the previous waiver period to secure supply amid global price uncertainty.
The waiver extension comes at a time when global energy markets are facing pressure due to geopolitical tensions, including the ongoing conflict involving Iran. Several Asian countries had reportedly urged Washington to extend the exemptions, citing concerns about rising oil prices and supply disruptions.
Despite the latest decision, the move has triggered criticism within the United States. Some lawmakers argue that allowing continued purchases of Russian oil could provide financial support to Moscow during its ongoing conflict with Ukraine. Critics have called for stricter enforcement of sanctions and measures to reduce Russia’s energy revenues.
Officials in India have previously maintained that the country’s energy policy is driven by domestic needs and global market conditions. The government has not yet issued an official response to the latest waiver announcement.
The situation highlights the complex balance the United States is trying to maintain between enforcing sanctions and managing global energy stability. Further developments are expected as the deadline for the waiver approaches and discussions continue among key global stakeholders.
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