- By Chetna Shree
- Thu, 16 Apr 2026 08:03 AM (IST)
- Source:JND
US-Iran War: The United States has announced that it will not extend sanctions waivers that allowed countries to purchase Russian and Iranian oil, a move likely to impact countries, including India, that rely on discounted crude amid global supply disruptions.
Speaking at a press conference, US Treasury Secretary Scott Bessent said, "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."
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What Was The 30-Day Waiver?
On March 12, the US Treasury issued a temporary 30-day waiver allowing Indian refiners to complete purchases of Russian oil that had already been loaded onto tankers. Washington said that the move was aimed at stabilising global energy prices, especially crude oil, which had surged above $100 a barrel since the war began on February 28.
"To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil. This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorises transactions involving oil already stranded at sea," said Bessent in a statement.
The Russian oil waiver expired on April 11, and the Iranian oil waiver is set to expire on April 19.
How Will It Impact India?
The waiver had allowed Iran to sell oil that was loaded before March 20, estimated at around 140 million barrels, a measure aimed at stabilising global supply during the ongoing conflict. With its expiration on April 19, several countries that rely on Iranian oil, such as China and India, may face supply disruptions and higher energy costs.
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Washington has also indicated that it may impose secondary sanctions on entities dealing with Iranian oil, even beyond its borders. As a result, nations that rely on Iranian oil would be forced to secure alternative sources, possibly driving up costs for both refiners and consumers.
This comes at a time when oil markets are already strained, with prices having surged by over 50 per cent since the US-Israel war with Iran began on February 28.
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