US makes a U-turn, extends sanctions waiver for Russian oil till May 16; India stands to benefit
Indian Express·2h ago·Neutral
What Happened
The US Treasury reversed its stance and extended the sanctions waiver for Russian crude oil purchases until May 16, reversing Secretary Scott Bessent's earlier statement. India benefits significantly as it can continue large-scale Russian crude imports. The decision followed pressure from major oil-buying nations seeking alternatives to West Asian supplies disrupted by regional tensions.
Key Entities
US TreasuryScott BessentRussian crude oilIndiasanctions waiverWest AsiaStrait of Hormuz