ndia was a key beneficiary of the sanctions waivers, which attracted significant criticism by US politicians.
Workers on a tugboat guide the Russian oil tanker Anatoly Kolodkin as it arrives at the oil terminal in the port of Matanzas, northwestern Cuba, on March 31, 2026. (AFP)
Washington will not extend sanctions waivers allowing countries to purchase Russian and Iranian energy, US Treasury Secretary Scott Bessent announced on Wednesday. India was a key beneficiary of the sanctions waivers, which attracted significant criticism by US politicians for enriching loosening financial pressure on Moscow and Tehran.
“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,” said Bessent at a press conference.
Also Read | US grants 30-day waiver to India for Russian oil purchase as Iran conflict triggers energy concerns
What was the 30-day waiver?
On March 12, the US Treasury announced that a temporary, 30-day waiver had been issued allowing Indian refiners to purchase Russian energy that had already been loaded onto tankers.
“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 authorizes transactions involving oil already stranded at sea,” said Bessent in a statement announcing the waiver. Washington justified the waiver as a necessary measure to stabilise global energy prices, especially crude oil which surged above $100 a barrel due to the outbreak of the US-Iran conflict in late February.