In a U-turn on its earlier decision, the Donald Trump administration has extended the sanctions waiver on purchase of Russian crude oil at sea. The move comes two days after the earlier sanctions waiver had lapsed on May 16, 2026. The Trump administration had waived sanctions on Russian crude oil at sea in early March 2026 in a bid to stabilize rising crude oil prices.Sharing the decision on social media platform X, the US Treasury Secretary Scott Bessentt said, “@USTreasury is issuing a temporary 30-day general license to provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea. This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed. This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries.” “It will also help reroute existing supply to countries most in need by reducing China’s ability to stockpile discounted oil,” he added.
What US Sanctions Waiver Extension Means for India
Incidentally, earlier today petroleum ministry joint secretary Sujata Sharma said that India will continue importing Russian crude based on commercial practicality and its energy security requirements, regardless of whether US sanctions waivers are in place.Addressing reporters during a media interaction, Sharma said India’s purchases from Russia have remained consistent before, during and after the American waiver period.Also Read | ‘Waiver or no waiver’: Six reasons why India will continue to buy Russian crude oil despite Trump sanctions“On the issue of the US waiver concerning Russia, I want to underline that India was buying Russian oil earlier as well — before the waiver, during the waiver, and even now,” Sharma said.She explained that India’s crude procurement strategy is guided mainly by economic considerations and the assurance of sufficient supply availability.“Our decisions are driven by commercial logic,” she said, adding that the country currently faces no shortage of crude supplies as adequate quantities have already been secured through long-term contracts and arrangements.Sharma maintained that the status of the waiver would not affect India’s crude availability.“Whether there is a waiver or not, it will not impact supplies,” she said.With a sanctions waiver in place, India has in the last two months aggressively stepped up purchases of Russian crude oil. The levels have reached monthly imports last seen a few years ago when India was procuring Russian crude at heavy discounts. With global crude oil prices rising, Russian crude is now available at a premium, but having no sanctions makes it financially viable for both state-run and private refiners, especially at a time when supplies from the Strait of Hormuz continue to be disrupted.
