The United States has announced it will not renew the temporary waiver that allowed countries to buy Russian oil, a move expected to significantly affect India, which had been one of the main beneficiaries of the exemption. US Treasury Secretary Scott Besent said the general license for Russian oil, as well as for Iranian oil, would not be renewed. The waiver had applied only to oil shipped before March 11, and that allowance has already been used.

The decision marks the end of a Trump-era measure designed to stabilize global energy prices by ensuring additional oil supply during the ongoing Middle East conflict. Since the escalation of hostilities in the region, energy prices have surged worldwide, including in the United States.

The temporary waivers were short-term measures aimed at controlling rising fuel costs. The Russian oil waiver expired on April 11, while a similar waiver for Iranian oil, which allowed about 140 million barrels to reach global markets, is set to expire on April 19. Washington’s move is seen as reinforcing its “maximum pressure” policy toward Iran.