US backtracks, renews waiver for India to buy Russian oil
What's the story
The United States has issued a new 30-day general license permitting countries, including India, to purchase energy from Russia without incurring US sanctions. This decision comes just two days after Treasury Secretary Scott Bessent had announced that the US would not be renewing two previous 30-day licenses from March. The new license allows the purchase of Russian crude oil and petroleum products loaded on vessels on or before April 17.
Energy trade
Indian refiners had reduced purchases from Russian suppliers
India had reportedly ordered around 30 million barrels of oil from Russia after the initial sanctions waiver was implemented. Indian refiners such as Reliance had previously reduced their purchases from Russian suppliers Rosneft and Lukoil due to US sanctions. However, Bessent had earlier made it clear that Washington would not be extending these waivers for Iranian energy purchases.
Political pushback
US Senator against extension of waiver
The decision to renew the sanctions waiver has not been without controversy. US Senator Richard Blumenthal was vocally against extending the waiver, arguing it gave Russia an extra $150 billion a day for its war efforts, while aiding "Iran with intelligence to target" US troops. Congressmen Gregory Meeks and William Keating also introduced a bill in the House of Representatives aimed at terminating this Russian sanctions waiver.
Official stance
What is India's stand on energy imports from Russia?
Despite the political opposition in the US, India has not officially reacted to this change in Washington's policy. The Indian Ministry of External Affairs had earlier reiterated that its energy sourcing policy was based on meeting domestic needs and global market conditions. "There has been no change," Randhir Jaiswal, official spokesperson of the ministry, said in response to Bessent's earlier statement about not renewing sanctions waivers.