US sanctions waivers end for Russian and Iranian oil purchases, Treasury Secretary Scott Bessent says

The United States said on Wednesday it would not allow any new exemptions from sanctions. The decision covers purchases of Russian oil and Iranian oil. US Treasury Scott Bessent announced the move at a White House press conference. The step ended a temporary window that had allowed limited sanctioned oil trade.

Representative image

Bessent told reporters that earlier allowances were already fully used. "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. The statement ruled out any extension.

US sanctions waiver on Russian oil for India ends

On March 5, the US gave India a 30-day sanctions waiver to buy Russian oil. The waiver related to sanctions linked to the Ukraine war. A few days later, similar waivers were extended to a few other nations. The waiver period ended on April 11, according to the timeline given.

After the waiver was issued, Energy Secretary Chris Wright described the reason for the move. Chris Wright said the US asked India to buy Russian oil. Chris Wright linked the request to supply concerns and price risks. Chris Wright also cited the ongoing West Asia conflict as a factor affecting markets.

India Russian oil purchases rise, CREA report says

India’s crude oil purchases from Russia more than tripled to 5.3 billion euros in March. Volumes doubled over the same period, and higher oil prices raised the bill. The Centre for Research on Energy and Clean Air (CREA) said India returned to heavy buying in March after a February decline.

CREA reported that India was the second-highest buyer of Russian fossil fuels in March 2026. India imported EUR 5.8 billion of Russian hydrocarbons in total. Crude oil made up 91 per cent of India’s purchases, or EUR 5.3 billion. The rest included coal worth EUR 337 million and oil products worth EUR 178.5 million.

The same report said India ranked third in February. During that month, India bought Russian hydrocarbons worth 1.8 billion euros. CREA linked the March increase to a rebound from the earlier fall. The figures highlighted how quickly import values changed with prices and volumes.

Chris Wright said the waiver was aimed at calming the oil market in the short term. Chris Wright said it was a pragmatic step to limit fears of shortages. Chris Wright added it did not show any shift in Washington’s approach towards Russia. With the waiver now over, the US position returned to full enforcement.

With inputs from PTI