US Secretary of State Marco Rubio on Tuesday (Jun 2) said that the United States would "like to end" its extension on waivers on Russian oil purchases "as soon as possible". Speaking before the Senate Foreign Relations Committee, Rubio said the final decision rests with the US Treasury Department, but stressed that the broader policy of the United States continues to favour sanctions on Russian oil exports.<h2>What are these waivers?</h2>The waivers were introduced after the US-Israel-Iran conflict disrupted global energy markets and created concerns over oil supply shortages. They allow limited transactions involving Russian oil already loaded on tankers and stranded at sea, helping vulnerable countries avoid immediate fuel shortages.Also read | <a href="https://www.wionews.com/india-news/rupee-slide-wars-and-more-indian-students-in-us-battle-currency-crisis-no-one-prepared-them-for-wion-horizons-1780044945428">Rupee slide, wars and more: Indian students in US battle currency crisis no one prepared them for | WION Horizons</a>Last month, US Treasury Secretary Scott Bessent extended the waiver for another 30 days, arguing that it would help stabilise crude markets and ensure oil reached energy-vulnerable nations.Amid the Iran war, Tehran disrupted global shipping by blockading the Strait of Hormuz, a route that carries one-fifth of the global oil supply, including a significant share of India's oil imports. This prompted the US to temporarily ease restrictions on Russian oil already in transit to prevent supply shocks.<h2>What could waiver end mean for India</h2>India is among the world's largest buyers of Russian crude and has relied heavily on discounted Russian oil since the Ukraine war began. In recent months, however, New Delhi has had to balance its energy needs with pressure from Washington. US had earlier claimed that India had agreed to reduce additional purchases of Russian oil. However, India continues to insist that any decision would be based on national interest.Also read | <a href="https://www.wionews.com/world/tehran-attacks-gulf-countries-us-says-all-failed-to-hit-targets-hits-back-with-strike-inside-iran-1780447483106">Tehran attacked Gulf countries, but 'failed to hit targets' claims US; America strikes Iran's Qeshm Island</a>If Washington allows the waiver programme to expire permanently, Indian refiners could face tighter restrictions on Russian crude purchases. Additionally, India may need to increase imports from alternative suppliers such as Venezuela, Saudi Arabia, the US and African producers. Furthermore, higher transportation and insurance costs could put pressure on fuel prices as global oil markets become more volatile with supplies remaining constrained.<h2>Will India immediately lose access to Russian oil?</h2>Not necessarily. Rubio's comments suggest the US wants to eventually phase out the waivers, but no immediate decision has been announced. The Treasury Department has already extended the programme multiple times because of continuing disruptions in global energy markets. For now, India continues to benefit from the temporary exemption.&nbsp;&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Marco Rubio said Washington wants to end key sanctions waivers "as soon as possible." For India, one of the biggest buyers of discounted Russian crude, the move could have major implications for fuel supplies and prices. Scroll down to see how this could affect India.

US Secretary of State Marco Rubio on Tuesday (Jun 2) said that the United States would "like to end" its extension on waivers on Russian oil purchases "as soon as possible". Speaking before the Senate Foreign Relations Committee, Rubio said the final decision rests with the US Treasury Department, but stressed that the broader policy of the United States continues to favour sanctions on Russian oil exports. What are these waivers? The waivers were introduced after the US-Israel-Iran conflict disrupted global energy markets and created concerns over oil supply shortages. They allow limited transactions involving Russian oil already loaded on tankers and stranded at sea, helping vulnerable countries avoid immediate fuel shortages. Also read | Rupee slide, wars and more: Indian students in US battle currency crisis no one prepared them for | WION Horizons Last month, US Treasury Secretary Scott Bessent extended the waiver for another 30 days, arguing that it would help stabilise crude markets and ensure oil reached energy-vulnerable nations. Amid the Iran war, Tehran disrupted global shipping by blockading the Strait of Hormuz, a route that carries one-fifth of the global oil supply, including a significant share of India's oil imports. This prompted the US to temporarily ease restrictions on Russian oil already in transit to prevent supply shocks. What could waiver end mean for India India is among the world's largest buyers of Russian crude and has relied heavily on discounted Russian oil since the Ukraine war began. In recent months, however, New Delhi has had to balance its energy needs with pressure from Washington. US had earlier claimed that India had agreed to reduce additional purchases of Russian oil. However, India continues to insist that any decision would be based on national interest. Also read | Tehran attacked Gulf countries, but 'failed to hit targets' claims US; America strikes Iran's Qeshm Island If Washington allows the waiver programme to expire permanently, Indian refiners could face tighter restrictions on Russian crude purchases. Additionally, India may need to increase imports from alternative suppliers such as Venezuela, Saudi Arabia, the US and African producers. Furthermore, higher transportation and insurance costs could put pressure on fuel prices as global oil markets become more volatile with supplies remaining constrained. Will India immediately lose access to Russian oil? Not necessarily. Rubio's comments suggest the US wants to eventually phase out the waivers, but no immediate decision has been announced. The Treasury Department has already extended the programme multiple times because of continuing disruptions in global energy markets. For now, India continues to benefit from the temporary exemption. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Marco Rubio said Washington wants to end key sanctions waivers "as soon as possible." For India, one of the biggest buyers of discounted Russian crude, the move could have major implications for fuel supplies and prices. Scroll down to see how this could affect India.

Bad news for India? Marco Rubio wants Russian oil waivers to end. Here's what it could mean for you

The United States Treasury has extended a sanctions waiver allowing purchases of Russian seaborne oil for another 30 days to support “energy-vulnerable” countries affected by disruptions in Gulf oil supplies.&nbsp;Announcing the decision on Monday, Scott Bessent said the extension would provide flexibility to countries facing supply shortages.&nbsp;“This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed. This general license will help stabilise the physical crude market and ensure oil reaches the most energy-vulnerable countries,” Bessent said in a post on X.&nbsp;“It will also help reroute existing supply to countries most in need by reducing China’s ability to stockpile discounted oil,” he added.

<blockquote class="twitter-tweet">.<a href="https://twitter.com/USTreasury?ref_src=twsrc%5Etfw">@USTreasury</a> 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…&mdash; Treasury Secretary Scott Bessent (@SecScottBessent) <a href="https://twitter.com/SecScottBessent/status/2056411947982115207?ref_src=twsrc%5Etfw">May 18, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Also Read: <a href="https://www.wionews.com/india-news/pm-modi-hails-lab-to-lab-and-scientist-to-scientist-ties-at-norway-india-business-and-research-summit-1779124305376">PM Modi hails ‘Lab-to-Lab’ and ‘Scientist-to-Scientist’ ties at Norway-India Business and Research Summit</a>&nbsp;The latest move marks the second time the US Treasury has allowed the waiver to expire before extending it again. The waiver was first introduced in March after supply disruptions and rising oil prices triggered by US-Israeli strikes on Iran. The measure was aimed at releasing Russian oil and petroleum products stranded in tankers due to sanctions.&nbsp;Although the waiver has not significantly lowered global oil prices, it has provided relief to countries such as India, which was one of the largest buyers of Russian crude before Washington imposed tougher sanctions on Russian oil companies over the Ukraine war.&nbsp;&nbsp;However, earlier today, Sujata Sharma, Joint Secretary at the Ministry of Petroleum &amp; Natural Gas, said India would continue purchasing Russian crude oil irrespective of the status of American sanctions waivers.&nbsp;Oil prices continued to rise amid supply concerns on Monday, with benchmark Brent crude futures climbing around 1.5 per cent to nearly $111 per barrel.&nbsp;The rise came even after reports from an Iranian news agency claimed Washington was considering temporarily easing sanctions on Iranian oil as part of broader peace negotiations.&nbsp;Earlier today, speaking from Paris during a meeting of G7 finance leaders, Bessent also called for stricter enforcement of sanctions on Iran.&nbsp;“We call upon all our G7 and indeed all of our allies and the rest of the world to follow the sanctions regime, so that we can crack down on the illicit finance that is fueling the Iranian war machine and give this money back to the Iranian people,” Bessent told reporters.

The United States had issued the waiver to ease global oil supply shortages and rising prices after Iran closed the Strait of Hormuz following the US-Israeli offensive against the Islamic Republic. 

The United States Treasury has extended a sanctions waiver allowing purchases of Russian seaborne oil for another 30 days to support “energy-vulnerable” countries affected by disruptions in Gulf oil supplies. Announcing the decision on Monday, Scott Bessent said the extension would provide flexibility to countries facing supply shortages. “This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed. This general license will help stabilise the physical crude market and ensure oil reaches the most energy-vulnerable countries,” Bessent said in a post on X. “It will also help reroute existing supply to countries most in need by reducing China’s ability to stockpile discounted oil,” he added.

The United States had issued the waiver to ease global oil supply shortages and rising prices after Iran closed the Strait of Hormuz following the US-Israeli offensive against the Islamic Republic.&nbsp;

US extends sanctions waiver for Russian oil purchases by 30 days amid Hormuz tensions

India will continue purchasing Russian crude oil irrespective of the status of American sanctions waivers, Sujata Sharma, Joint Secretary (Marketing &amp; Oil Refinery) at the Ministry of Petroleum &amp; Natural Gas, declared on Monday (May 18), reaffirming that energy security and commercial pragmatism remain the cornerstones of New Delhi's oil import strategy. The statement follows the Trump administration's decision to allow a key sanctions waiver tied to Russian seaborne oil to lapse over the weekend. This development had triggered concern in global energy markets. "Regarding the American waiver on Russia, I would like to emphasise that we have been purchasing from Russia before the waiver, also during the waiver, and now also. It is basically the commercial sense which should be there for us to purchase," Sharma said, making clear that India's buying decisions are guided entirely by market dynamics and supply security, not geopolitical pressure.&nbsp;<a href="https://www.wionews.com/videos/washington-lets-key-russia-oil-exemption-end-1779089474060/embed">https://www.wionews.com/videos/washington-lets-key-russia-oil-exemption-end-1779089474060/embed</a>&nbsp;&nbsp;Sharma also reassured that India's fuel supply remains stable and well secured despite global uncertainties and tensions affecting shipping routes. "There is no shortage of crude. Enough crude has been tied up repeatedly... whatever waiver or no waiver, it will not affect our supplies," she said.&nbsp;Also read: <a href="https://www.wionews.com/india-news/-lpg-situation-is-concerning-government-urges-commercial-consumers-to-switch-to-png-1773742826361">'LPG situation is concerning': Government urges commercial consumers to switch to PNG</a>&nbsp;The remarks carry significant weight given the backdrop of a severe energy crisis gripping global markets. Brent crude was trading higher at $110.28 per barrel, while US West Texas Intermediate (WTI) rose to $106.32 per barrel, as tensions in West Asia and concerns over disruptions in the Strait of Hormuz continue to keep oil prices elevated.&nbsp;Russian crude has transformed into a cornerstone of India's diversified oil import matrix in recent years, primarily because it is frequently secured at competitive discounted rates relative to other global benchmarks. Officials indicated that India will continue to prioritise cost-effectiveness and supply stability in its energy strategy going forward, regardless of shifts in the Western regulatory landscape.&nbsp;

India’s Russian oil imports will continue uninterrupted by the US waiver lapse. A senior petroleum ministry official confirms robust supply chains are secure.

India will continue purchasing Russian crude oil irrespective of the status of American sanctions waivers, Sujata Sharma, Joint Secretary (Marketing & Oil Refinery) at the Ministry of Petroleum & Natural Gas, declared on Monday (May 18), reaffirming that energy security and commercial pragmatism remain the cornerstones of New Delhi's oil import strategy. The statement follows the Trump administration's decision to allow a key sanctions waiver tied to Russian seaborne oil to lapse over the weekend. This development had triggered concern in global energy markets. "Regarding the American waiver on Russia, I would like to emphasise that we have been purchasing from Russia before the waiver, also during the waiver, and now also. It is basically the commercial sense which should be there for us to purchase," Sharma said, making clear that India's buying decisions are guided entirely by market dynamics and supply security, not geopolitical pressure. https://www.wionews.com/videos/washington-lets-key-russia-oil-exemption-end-1779089474060/embed Sharma also reassured that India's fuel supply remains stable and well secured despite global uncertainties and tensions affecting shipping routes. "There is no shortage of crude. Enough crude has been tied up repeatedly... whatever waiver or no waiver, it will not affect our supplies," she said. Also read: 'LPG situation is concerning': Government urges commercial consumers to switch to PNG The remarks carry significant weight given the backdrop of a severe energy crisis gripping global markets. Brent crude was trading higher at $110.28 per barrel, while US West Texas Intermediate (WTI) rose to $106.32 per barrel, as tensions in West Asia and concerns over disruptions in the Strait of Hormuz continue to keep oil prices elevated. Russian crude has transformed into a cornerstone of India's diversified oil import matrix in recent years, primarily because it is frequently secured at competitive discounted rates relative to other global benchmarks. Officials indicated that India will continue to prioritise cost-effectiveness and supply stability in its energy strategy going forward, regardless of shifts in the Western regulatory landscape.

India’s Russian oil imports will continue uninterrupted by the US waiver lapse. A senior petroleum ministry official confirms robust supply chains are secure.

India will continue buying Russian oil regardless of US waiver lapse, says senior official

The United States has ended a key sanctions waiver that previously allowed certain countries to continue buying Russian seaborne oil. The decision raises major questions for global energy markets, India’s oil imports, Russia’s export revenues, and fuel prices worldwide. In this edition of World Business Watch, we break down what the end of the waiver means for India, Russia, and the U.S., and whether global oil markets are heading toward fresh volatility.

Washington Lets Key Russia Oil Exemption End 

india-russian-oil-imports

India Russian Oil Imports, News on India Russian Oil Imports, stories on India Russian Oil Imports, articles on India Russian Oil Imports, India Russian Oil Imports stories at Wion, India Russian Oil Imports news, India Russian Oil Imports latest news

india russian-oil-imports

Bad news for India? Marco Rubio wants Russian oil waivers to end. Here's what it could mean for you

US extends Russian oil sanctions waiver for 30 days amid Hormuz tensions

India will continue buying Russian oil regardless of US waiver lapse

Washington Lets Key Russia Oil Exemption End