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Scott Basset, the US Treasury Secretary, has made it clear that the Trump administration will not extend the waivers on sanctions imposed on Russian and Iranian oil. During a discussion with reporters, he stated that the renewal of the general licenses for Russian and Iranian oil will not take place. This move indicates that the administration is no longer pursuing a strategy of easing sanctions to lower energy prices.

In recent months, India has been the primary beneficiary of these waivers. Despite challenges in the Strait of Hormuz, India managed to continue purchasing Russian oil. Reports suggest that during this relief period, Indian refiners placed orders for approximately 30 million barrels of Russian oil.

Initially, major Indian refiners like Reliance reduced their purchases of Russian oil due to US pressure. However, they soon altered their strategy, ramping up imports once again. During this time, two supertankers carrying crude oil from Iran reached Indian ports after a gap of nearly seven years, marking a significant commercial advantage for India.

In March, when Iran tightened control over the Hormuz route, the US issued a 30-day license to avoid an energy crisis. This license allowed for the delivery and sale of Russian crude oil loaded before March 12, which expired on April 11. Similarly, a waiver for Iranian oil was issued by the Treasury Department on March 20, enabling approximately 140 million barrels of oil to reach global markets and alleviating pressure on energy supplies during the conflict. This waiver is set to expire on April 19.