Blitz Bureau
NEW DELHI: The US announced that it will issue a fresh 30-day general license allowing countries around the world, including India, to purchase energy from Russia without attracting US sanctions.
This comes just two days after Treasury Secretary Scott Bessent stated that America would not be renewing two earlier 30-day licenses from March, which allowed the purchase of previously sanctioned Russian and Iranian energy respectively. According to an order released by the US Treasury late on April 17, a new general license will replace the earlier license allowing energy purchases from Russia. However, the purchase of Iranian energy will no longer be permitted.
The terms of the new sanctions waiver allow the purchase of Russian crude oil and petroleum products that were loaded onto vessels on or before April 17 and will be authorised until just after midnight Eastern Standard Time on May 16.
The US Treasury’s decision came despite numerous reports that officials from Asian nations, including India, were pushing Washington to extend the sanctions waivers that were first issued in March. Key officials told HT that they expected an extension of the waivers, given the need to reduce global energy prices that soared after the US-Iran conflict began in late February.
India was a key beneficiary of the sanctions waivers. According to reports citing government officials, India placed orders for roughly 30 million barrels of oil from Russia after the sanctions waiver was put into effect. Indian refiners like Reliance had previously wound down their purchases from Russian suppliers like Rosneft and Lukoil due to US sanctions against these energy majors. However, Treasury Secretary Bessent’s remarks clearly indicated that Washington was not going to extend the sanctions waivers.
