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 Kingdom on Tuesday (May 19) loosened strict sanctions on Russian oil. This comes on the heels of the UK signing a G7 statement reaffirming its "unwavering commitment" to imposing "severe costs" on Russia for its war in Ukraine.Also read | <a href="https://www.wionews.com/india-news/-there-are-youngsters-like-cockroaches-what-made-cji-surya-kant-compare-youngsters-to-pests-supreme-court-hearing-turns-explosive-1778909973915">'There are youngsters like cockroaches': What made CJI Surya Kant compare youngsters to pests?</a><h2>Britain eases sanctions on Russian oil</h2>The British government has announced that restrictions on importing diesel and jet fuel refined from Russian crude oil in third countries would be eased, effective immediately, citing supply concerns driven by the effective closure of the Strait of Hormuz since the US-Israel campaign against Iran began in late February. Some sanctions on the transportation of Russian liquefied natural gas were also lifted under a time-limited licence running until January 1.In practice, the move reopens a critical supply line. The UK had banned imports of diesel and jet fuel refined from Russian crude in third countries since October. Easing that restriction will allow imports to resume from India, previously a major supplier to both the UK and Europe, where large quantities of Russian crude are processed. Significant volumes are also refined in Turkey.Also read | <a href="https://www.wionews.com/trending/watch-thousands-of-bees-invade-trump-s-white-house-spark-biblical-plague-buzz-online-blasphemers-will-be-dealt-with-most-definitely-1778911087678">Watch | Thousands of bees ‘invade’ Trump's White House; spark ‘biblical plague’ buzz online: 'BLASPHEMERS will be dealt with - most definitely!'</a><h2>Extra flexibilities required</h2>A spokesperson said overall sanctions had in fact been tightened, pointing to new export and import bans, restrictions on Russian uranium and a maritime services ban on Russian LNG that will gradually limit Moscow's access to UK shipping and insurance. "We are committed to strengthening our sanctions on Russia to degrade its ability to wage war in Ukraine, whilst protecting critical supply chains and maintaining market stability," the spokesperson said.The fuel situation has become increasingly acute in recent days. European jet fuel prices have more than doubled after the war began, before settling to around 50 per cent above pre-war levels. Several airlines operating in the UK have cancelled flights and raised ticket prices in response. The RAC said the average price of unleaded petrol hit 152.52 pence per litre on Monday, the highest since the conflict began.The UK's move mirrors a similar decision by the United States, which extended a waiver this week, loosening sanctions on Russian oil already loaded on vessels at sea.&nbsp;

Britain has quietly loosened key sanctions on Russian oil products, reopening imports of diesel and jet fuel refined from Russian crude in countries like India and Turkey. All you need to know

The United Kingdom on Tuesday (May 19) loosened strict sanctions on Russian oil. This comes on the heels of the UK signing a G7 statement reaffirming its "unwavering commitment" to imposing "severe costs" on Russia for its war in Ukraine. Also read | 'There are youngsters like cockroaches': What made CJI Surya Kant compare youngsters to pests? Britain eases sanctions on Russian oil The British government has announced that restrictions on importing diesel and jet fuel refined from Russian crude oil in third countries would be eased, effective immediately, citing supply concerns driven by the effective closure of the Strait of Hormuz since the US-Israel campaign against Iran began in late February. Some sanctions on the transportation of Russian liquefied natural gas were also lifted under a time-limited licence running until January 1. In practice, the move reopens a critical supply line. The UK had banned imports of diesel and jet fuel refined from Russian crude in third countries since October. Easing that restriction will allow imports to resume from India, previously a major supplier to both the UK and Europe, where large quantities of Russian crude are processed. Significant volumes are also refined in Turkey. Also read | Watch | Thousands of bees ‘invade’ Trump's White House; spark ‘biblical plague’ buzz online: 'BLASPHEMERS will be dealt with - most definitely!' Extra flexibilities required A spokesperson said overall sanctions had in fact been tightened, pointing to new export and import bans, restrictions on Russian uranium and a maritime services ban on Russian LNG that will gradually limit Moscow's access to UK shipping and insurance. "We are committed to strengthening our sanctions on Russia to degrade its ability to wage war in Ukraine, whilst protecting critical supply chains and maintaining market stability," the spokesperson said. The fuel situation has become increasingly acute in recent days. European jet fuel prices have more than doubled after the war began, before settling to around 50 per cent above pre-war levels. Several airlines operating in the UK have cancelled flights and raised ticket prices in response. The RAC said the average price of unleaded petrol hit 152.52 pence per litre on Monday, the highest since the conflict began. The UK's move mirrors a similar decision by the United States, which extended a waiver this week, loosening sanctions on Russian oil already loaded on vessels at sea.

Britain has quietly loosened key sanctions on Russian oil products, reopening imports of diesel and jet fuel refined from Russian crude in countries like India and Turkey. All you need to know

UK quietly eases Russian oil sanctions despite vowing 'unwavering' commitment to punishing Moscow

The United States on Monday (May 18) announced another 30-day extension of a sanctions waiver allowing purchases of Russian seaborne oil, reversing plans ‌not to grant an extension. US Treasury Secretary ​Scott Bessent said that the decison was taken to aid "energy-vulnerable" countries hit by the Iran war,&nbsp;In a post on X, Bessent said that the Treasury was issuing the 30-day general license after a previous waiver lapsed on Saturday. This will allow temporary access to Russian oil and petroleum products stranded on tankers without violating severe US sanctions on Russian oil majors. Bessent had earlier said that there would be no further extension of the Russian oil sanctions waiver was planned. The action marks the second time the Treasury has allowed the sanctions waiver to lapse and subsequently extended it.&nbsp;Also Read: <a href="https://www.wionews.com/world/pm-modi-calls-for-wfh-amid-fuel-crisis-but-can-your-company-say-no-here-s-what-the-law-says-1778768411278">PM Modi calls for WFH amid fuel crisis. But can your company say no? Here's what the law says</a><h2>How will this impact India amid probable fuel crisis?</h2>Interestingly, India on Monday had said that it had been buying Moscow’s crude irrespective of the US waiver, and would continue to do so. Thus, the waiver now makes it easier for Indian refiners to continue with their heavy imports of Russian oil. “Regarding the American waiver on Russia, I would like to emphasise that we have been purchasing from Russia earlier, before waiver also, during waiver also, and now also. So, it is basically the commercial sense, which should be there for the OMCs (oil marketing companies) to purchase (Russian oil),” Petroleum Ministry Joint Secretary Sujata Sharma had said.&nbsp;Also Read: <a href="https://www.wionews.com/world/india-will-continue-buying-russian-oil-regardless-of-us-waiver-lapse-says-senior-official-1779124650871">India will continue buying Russian oil regardless of US waiver lapse</a>&nbsp;Without the waiver, Indian refiners wouldn’t have been able to take deliveries of Russian crude on sanctioned tankers or deal with Russian oil suppliers sanctioned by Washington, as that would have exposed them to the risk of attracting secondary sanctions from the US. According to reports, the quantity of India buying Russian crude has reduced notably as Iran war began. This was after US imposed sanctions on Rosneft and Lukoil and subsequent US-India tariff deal.&nbsp;<a href="https://www.wionews.com/videos/will-fuel-go-back-to-dynamic-pricing-in-india-1778910386736/embed">https://www.wionews.com/videos/will-fuel-go-back-to-dynamic-pricing-in-india-1778910386736/embed</a>&nbsp;&nbsp;In short, India that has hiked fuel prices by around Rs 3 recently after almost in four years, will temporarily escape the double squeeze of constraints in oil flows due to Hormuz blockage as well as Russian oil sanctions.

The US extended for 30 days a sanctions waiver allowing purchases of Russian seaborne oil, citing support for “energy-vulnerable” countries amid the Iran war. The move eases pressure on India, allowing refiners to continue Russian crude imports 

The United States on Monday (May 18) announced another 30-day extension of a sanctions waiver allowing purchases of Russian seaborne oil, reversing plans ‌not to grant an extension. US Treasury Secretary Scott Bessent said that the decison was taken to aid "energy-vulnerable" countries hit by the Iran war, In a post on X, Bessent said that the Treasury was issuing the 30-day general license after a previous waiver lapsed on Saturday. This will allow temporary access to Russian oil and petroleum products stranded on tankers without violating severe US sanctions on Russian oil majors. Bessent had earlier said that there would be no further extension of the Russian oil sanctions waiver was planned. The action marks the second time the Treasury has allowed the sanctions waiver to lapse and subsequently extended it. Also Read: PM Modi calls for WFH amid fuel crisis. But can your company say no? Here's what the law says How will this impact India amid probable fuel crisis? Interestingly, India on Monday had said that it had been buying Moscow’s crude irrespective of the US waiver, and would continue to do so. Thus, the waiver now makes it easier for Indian refiners to continue with their heavy imports of Russian oil. “Regarding the American waiver on Russia, I would like to emphasise that we have been purchasing from Russia earlier, before waiver also, during waiver also, and now also. So, it is basically the commercial sense, which should be there for the OMCs (oil marketing companies) to purchase (Russian oil),” Petroleum Ministry Joint Secretary Sujata Sharma had said. Also Read: India will continue buying Russian oil regardless of US waiver lapse Without the waiver, Indian refiners wouldn’t have been able to take deliveries of Russian crude on sanctioned tankers or deal with Russian oil suppliers sanctioned by Washington, as that would have exposed them to the risk of attracting secondary sanctions from the US. According to reports, the quantity of India buying Russian crude has reduced notably as Iran war began. This was after US imposed sanctions on Rosneft and Lukoil and subsequent US-India tariff deal. https://www.wionews.com/videos/will-fuel-go-back-to-dynamic-pricing-in-india-1778910386736/embed In short, India that has hiked fuel prices by around Rs 3 recently after almost in four years, will temporarily escape the double squeeze of constraints in oil flows due to Hormuz blockage as well as Russian oil sanctions.

The US extended for 30 days a sanctions waiver allowing purchases of Russian seaborne oil, citing support for “energy-vulnerable” countries amid the Iran war. The move eases pressure on India, allowing refiners to continue Russian crude imports&nbsp;

US extends sanctions waiver for Russian crude again: How will this impact India amid fuel crisis?

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

UK quietly eases Russian oil sanctions as fuel prices climb

US extends sanctions waiver for Russian crude: How will this impact India?