Relief for India as US renews Russian oil waiver for 30 days

The United States has unexpectedly extended a sanctions waiver, allowing countries to continue purchasing Russian oil for another month, despite earlier indications it would be discontinued.

IMAGE: The waiver applies to Russian oil already at sea on or before April 17. Photograph: Norlys Perez/ReutersKey PointsThe US has extended a sanctions waiver allowing countries to purchase Russian petroleum products for another month.

A previous waiver had allowed 140 million barrels of Russian oil to reach global markets. The US Treasury Secretary previously indicated that the waiver would not be renewed.

The United States has extended by a month a waiver from sanctions to allow countries to buy petroleum products from Russia, days after it ruled out renewal of the special measure.

The US Department of Treasury issued an order late Friday extending the waiver from sanctions on Russian oil that is already at sea on or before April 17 through May 16.

Previous Sanctions ExemptionsEarlier, the US had granted an exemption from sanctions to India for buying Russian oil for a month beginning March 5. A few days later, a similar waiver was extended to several other countries, which ended on April 11.

The general licence issued by the US on Friday does not authorise any transaction involving a person, entity or joint venture located in Iran, North Korea, Cuba, or parts of Ukraine.

Reversal of PolicyOn Wednesday, Treasury Secretary Scott Bessent said Washington would not be renewing the waiver for Russian oil and another for Iranian oil.