US Treasury Ends Sanctions Waiver on Russian Oil, Affecting Global Markets
The US Treasury, under the Trump administration, has allowed a sanctions waiver to lapse, which previously permitted countries like 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. US Treasury Secretary Scott Bessent had indicated that the general license for purchasing Russian oil stored on tankers would not be renewed. Despite the lapse, no official renewal notice was posted on the Treasury's website, and a spokesperson declined to comment further. Democratic Senators Jeanne Shaheen and Elizabeth Warren had urged against renewing the waiver, arguing it provided revenue to Russia for its war efforts in Ukraine without reducing fuel costs for American consumers. 
