US rules out further sanctions waiver on Russian, Iranian oil

The United States on Wednesday ruled out granting any further exemptions from sanctions for the purchase of Russian or Iranian oil, signalling a tightening of its energy restrictions.

US Treasury Secretary Scott Bessent made the announcement at a press conference at the White House, confirming that existing waivers would not be extended. “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 said.

On March 5, the US issued a 30-day sanctions waiver to India, allowing it to continue purchasing Russian oil despite restrictions imposed over the Ukraine war. The waiver was later extended to a few other countries but expired on April 11.

Despite the temporary easing, India’s crude oil imports from Russia surged in March. According to a report by the Centre for Research on Energy and Clean Air (CREA), India’s purchases more than tripled to €5.3 billion, driven by higher volumes and rising global prices. “India was the second-highest buyer of Russian fossil fuels in March 2026, importing a total of €5.8 billion of Russian hydrocarbons. Crude oil products accounted for 91 per cent of these purchases,” the report said.

The rebound follows a dip in February, with the report noting that India returned to aggressive buying in March. Coal (EUR 337 million) and oil products (EUR 178.5 million) constituted the remainder of their monthly imports.

In February, India was the third largest importer, purchasing Russian hydrocarbons worth 1.8 billion euros.

After issuing the sanctions waiver, Energy Secretary Chris Wright said the US asked India to buy Russian oil to "tamp down" fears of supply shortages and price spikes amid the ongoing West Asia conflict.  He said the move was a short-term, pragmatic effort to stabilise the market and did not signal any change in Washington's policy towards Russia.