\n
In a surprising change, the Trump administration has decided to renew a sanctions waiver that permits countries to keep buying Russian oil and petroleum products transported by sea, extending this relief for about another month. Notably, India has benefited significantly from these waivers.<\/p>\n
The US Treasury Department released the updated license late Friday, allowing transactions involving Russian oil loaded onto vessels from that day until May 16. This decision came just two days after Treasury Secretary Scott Bessent stated there were no plans to extend such waivers.<\/p>\n
During a press conference, Bessent emphasized, \u201cWe will not be renewing the general license on Russian oil and we will not be renewing the general license on Iranian oil. That was oil that was on the water prior to March 11. So all that has been used.\u201d<\/p>\n
### New License Takes Effect<\/p>\n
The new authorization replaces a previous 30-day waiver that expired on April 11. While it permits continued purchases under specific conditions, it does not allow transactions involving Iran, Cuba, and North Korea.<\/p>\n
The decision to renew the waiver has sparked criticism from lawmakers in both parties in the United States. They argue that such exemptions may help the economies of both Iran and Russia during ongoing conflicts with Washington and its allies.<\/p>\n
Brett Erickson, an expert from the consulting firm Obsidian Risk Advisors, noted that more waivers could be on the horizon. \u201cThe conflict has done lasting damage to global energy markets, and the tools available to stabilize them are nearly exhausted,\u201d he told Reuters.<\/p>\n
Previously, Russian presidential envoy Kirill Dmitriev mentioned that the initial waiver could bring around 100 million barrels of Russian crude into the market, which is almost equivalent to a full day\u2019s global oil production.<\/p>\n
While this temporary relief may boost oil supply, it hasn\u2019t significantly reduced price pressures. Markets remain unstable, especially due to Iran\u2019s partial closure of the Strait of Hormuz, a vital route that used to handle about 20% of global oil and gas flows.
\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
In a surprising change, the Trump administration has decided to renew a sanctions waiver that permits countries to keep buying Russian oil and petroleum products transported by sea, extending this relief for about another month. Notably, India has benefited significantly from these waivers. The US Treasury Department released the updated license late Friday, allowing transactions<\/p>\n","protected":false},"author":1,"featured_media":29168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[28],"tags":[37836,37834,18550,33996,37835],"class_list":{"0":"post-29167","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-india-news","8":"tag-india-beneficiaries","9":"tag-petroleum-products","10":"tag-russian-oil","11":"tag-sanctions-waiver","12":"tag-us-treasury-department"},"_links":{"self":[{"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/posts\/29167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/comments?post=29167"}],"version-history":[{"count":0,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/posts\/29167\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/media\/29168"}],"wp:attachment":[{"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/media?parent=29167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/categories?post=29167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/tags?post=29167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}