US will not renew Russian and Iranian oil waivers
The US has announced it will not renew temporary sanctions waivers allowing purchases of Russian and Iranian oil, as confirmed by Treasury Secretary Scott Bessent.
These waivers, issued in March 2026 amid Middle East tensions including Iran’s actions at the Strait of Hormuz, covered oil loaded before March 11 and expired on April 11 for Russian oil and April 19 for Iranian oil. Bessent stated during a White House briefing that the licenses have fully been utilized for oil already at sea, signaling a return to stricter “maximum pressure” sanctions on both nations.
The temporary measures aimed to stabilize global energy supplies and curb soaring prices during the US-Iran conflict escalation. Critics in the US argued the waivers undermined pressure on Moscow and Tehran, prompting the non-renewal under President Trump’s administration.
India, a major buyer, secured about 30 million barrels of Russian oil under the waivers but now faces higher costs and supply shifts from alternative sources. Global oil prices may rise further as sanctions tighten, affecting energy markets worldwide.
