US Clamps Down: No More Sanctions Exemptions for Russian and Iranian Oil
US Treasury's Firm Stance on Oil Sanctions
Washington: On Wednesday, the United States firmly stated that it will not provide any additional exemptions from sanctions for the acquisition of oil from Russia or Iran.
Scott Bessent from the US Treasury made this declaration during a press briefing at the White House.
"We will not be renewing the general license for Russian oil, nor for Iranian oil. The oil in question was already in transit before March 11, and all of that has been utilized," Bessent informed the media.
Earlier, on March 5, the US had granted a 30-day sanctions waiver to India, allowing it to purchase Russian oil despite the sanctions imposed due to the Ukraine conflict.
Shortly thereafter, the US extended this waiver to several other countries, but it expired on April 11.
India's imports of crude oil from Russia surged more than threefold to 5.3 billion euros in March, driven by increased volumes and rising oil prices.
According to a report by the European think tank Centre for Research on Energy and Clean Air (CREA), India resumed its oil buying spree in March after a decline in February.
In March 2026, India emerged as the second-largest importer of Russian fossil fuels, acquiring a total of 5.8 billion euros worth of Russian hydrocarbons, with crude oil making up 91 percent of these purchases, amounting to 5.3 billion euros.
The remaining imports included coal (EUR 337 million) and oil products (EUR 178.5 million).
In February, India ranked as the third-largest importer, with Russian hydrocarbon purchases valued at 1.8 billion euros.
Following the sanctions waiver, Energy Secretary Chris Wright indicated that the US encouraged India to procure Russian oil to alleviate concerns over potential supply shortages and price increases amid the ongoing conflict in West Asia.
He emphasized that this decision was a temporary, pragmatic approach to stabilize the market and did not indicate a shift in Washington's stance towards Russia.