US ends sanctions waivers on Russian and Iranian oil purchases

The United States has confirmed it will not extend sanctions waivers that had temporarily allowed certain countries to continue purchasing Russian and Iranian oil.

Speaking at a White House press conference, US treasury secretary Scott Bessent said the general licences covering both Russian and Iranian oil had now lapsed and would not be renewed. He noted that the exemptions applied only to shipments already in transit before 11 March, and that those supplies had since been fully utilised.

The waivers, initially granted on 5 March, allowed India to continue importing Russian oil for a limited 30-day period despite ongoing sanctions linked to the war in Ukraine. Similar short-term relief was later extended to a handful of other nations. All such exemptions expired on 11 April.

The decision comes amid a sharp rise in India’s imports of Russian crude. According to a report by the Centre for Research on Energy and Clean Air (CREA), India’s purchases of Russian fossil fuels surged in March, making it the second-largest buyer globally during the month.

India imported Russian hydrocarbons worth €5.8 billion in March 2026, with crude oil accounting for the vast majority at €5.3 billion, or 91 per cent of the total. Coal and refined oil products made up the remainder, valued at €337 million and €178.5 million respectively.

This marked a significant rebound from February, when India had ranked third among importers and bought Russian energy worth €1.8 billion.

US officials had previously described the waivers as a temporary and pragmatic measure. Energy secretary Chris Wright indicated that Washington had encouraged India to continue limited purchases in order to ease concerns over global supply disruptions and rising prices amid tensions in West Asia.

However, the latest announcement underscores that the policy shift was short-lived, with the US now returning to its stricter sanctions approach towards both Russia and Iran.