US ends waiver allowing oil purchases from Russia and Iran

Business Apr 16, 2026

The US is ending a special waiver that let countries like India keep buying some oil from Russia and Iran, so those deals are about to stop.
Announced by Treasury Secretary Scott Bessent, this move comes as global tensions rise and means any oil shipments in transit before March 11 are the last ones allowed.

US threatens sanctions over Iranian oil

Scott Bessent made it clear the US will hit any country with extra sanctions if they buy Iranian oil or hold Iranian funds, including China.
This is all part of a bigger push to squeeze Iran's oil revenue and ramp up pressure on both Iran and Russia.