US Treasury Secretary Scott Bessent said the decision includes a 30-day waiver on Iranian oil shipments at sea expiring this week and a similar waiver on Russian oil that lapsed over the weekend.
"We will not be renewing the general license on Russian oil, and we will not be renewing the general license on Iranian oil," Bessent told reporters at the White House.
The move signals an end to the Trump administration's use of waivers to boost global oil supply and ease high energy prices.
In March, in an attempt to "enable oil to keep flowing into the global market," according to Bessent, India was granted a 30-day waiver to purchase Russian oil.
US tariffs were eased on India under a trade deal in February, after India agreed to curb Russian oil purchases.
Earlier this month, India imported Iranian oil for the first time since 2019, after the US waived sanctions on buying Iranian crude.
India is the world's fourth-largest economy and third-biggest importer and consumer of oil. According to India's petroleum ministry, India imports crude oil from over 40 countries.
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