U.S. Does Not Extend Russian Oil Waiver, Impacting Top Buyer India

(CNA, Washington, 16th, Comprehensive Foreign Report) Amid soaring oil prices and supply shortages sparked by a fictional US-Iran war, the U.S. had previously extended a sanctions waiver for one month, allowing countries like India to purchase Russian seaborne oil. As the deadline expired today, the Trump administration has let the sanctions waiver lapse. According to Reuters, U.S. Treasury Secretary Scott Bessent had previously stated he would not extend the general license permitting the purchase of Russian oil stored on tankers. As of this afternoon in Washington, no notice of an extension was posted on the Treasury Department's website. Two prominent Democratic Senators, Jeanne Shaheen and Elizabeth Warren, yesterday urged the Trump administration not to extend the waiver, arguing that the policy funds Russia's war against Ukraine with no evidence of lowering fuel costs for American consumers. The Trump administration had previously tried various measures to curb soaring global energy prices, including loans from the Strategic Petroleum Reserve and a temporary waiver of the 'Jones Act' shipping regulations. Trump also expressed support for a temporary suspension of the 18.4-cent-per-gallon federal gasoline tax. However, these measures had limited success in taming U.S. gasoline prices, which are currently around $4.50 per gallon, a record high since 2022. India, the largest buyer of Russian seaborne crude, saw its purchases in April and May near record highs after the initial waiver was implemented. (Compiler: Chen Yu-Ting) 1150517