economy
April 17, 2026
US ends sanctions waivers for Russian and Iranian oil imports
The US will not renew sanctions waivers for Russian and Iranian oil, impacting India amid rising geopolitical tensions in the wake of the Middle East conflict
TL;DR
- The US will not renew sanctions waivers for Russian and Iranian oil purchases.
- A 30-day waiver for Iranian oil at sea also expired this week.
- Treasury Secretary Scott Bessent confirmed the non-renewal of general licenses for these oil imports.
- The decision was influenced by opposition from many US Senators.
- India had received a 30-day waiver in early March to purchase Russian oil, leading to a significant increase in its imports from Moscow.
- The US Treasury also issued a waiver for Iranian oil in March, allowing some crude to reach global markets.
- India had previously ceased Iranian oil purchases in 2019 due to US sanctions.
- New Delhi has become a key market for Russian oil since the Ukraine conflict escalated in 2022.
- India is a major oil importer, with 90% of its requirements met from abroad.
- Geopolitical events in the Middle East, including the Iran conflict and the closure of the Strait of Hormuz, have heightened supply concerns for India.
Continue reading the original article