US expands India-like waiver on Russian oil

The US has announced a 30-day waiver allowing countries to purchase sanctioned Russian crude oil and petroleum products that are currently stranded at sea, in a move to ease oil prices hovering around $100 per barrel amid the US-Israel war with Iran. Earlier this month, Washington extended a similar relief to New Delhi.

- SHUBHANGI MATHUR

The waiver permits the delivery and sale of Russian oil that was loaded onto vessels before March 12 and will remain valid until April 11, according to an order issued by the Office of Foreign Assets Control (OFAC) under the US Treasury Department.

“This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction,” said US Treasury Secretary Scott Bessent in a statement posted on X.

Bessent added that the US is working to promote stability in global energy markets and prevent crude oil prices from rising further.