US Ends Sanctions Waiver on Russian Oil, Impacting Global Oil Markets
The Trump administration has allowed a sanctions waiver to lapse, which previously permitted countries such as India to purchase Russian seaborne oil. This decision follows a month-long extension intended to mitigate oil supply shortages and high prices caused by Iran's closure of the Strait of Hormuz. The US Treasury Secretary, Scott Bessent, had indicated that the general license allowing the purchase of Russian oil stored on tankers would not be renewed. As of Saturday afternoon, no renewal notice was posted on the Treasury's website. This move comes amid ongoing tensions between Russia and Ukraine, with recent drone attacks escalating the conflict. The lapse of the waiver is part of broader US efforts to limit revenue streams to Russia, which are believed to support its military actions in Ukraine. 
