India Hit as US Revokes Russian, Iranian Oil Waivers

Washington: The United States has announced that it will not extend the sanctions waivers previously granted to several countries for purchasing crude oil from Iran and Russia. The decision was confirmed by US Treasury Secretary Scott Bessent.

A 30-day special waiver that allowed countries, including India, to import Russian oil expired on April 11. Bessent also stated in a press briefing that the waiver for Iranian oil will end by April 19.

This tougher stance is expected to significantly impact India, one of the largest importers of Russian crude oil. The loss of access to discounted Russian oil could lead to rising fuel prices and increased inflation within the country.

Earlier, the Trump administration had granted a 30-day exemption to Asian countries, including India, to help stabilize global oil prices and meet domestic demand. Although India had requested an extension of this waiver, the US declined.

The revoked license had permitted the delivery of Russian crude oil loaded onto ships for a 30-day period starting March 5. The exemption was initially introduced to ease supply disruptions following conflict in West Asia, which had affected shipping through the Strait of Hormuz and triggered instability in global oil supply.

As India is forced to seek alternative sources, economists warn of significant volatility in global crude oil prices in the coming period.