US to end sanctions waiver for Russia, Iran oil

16-Apr-2026

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The United States has decided not to renew a temporary sanctions waiver that allowed limited purchases of Russian and Iranian oil by countries including India, signalling a return to stricter enforcement amid ongoing geopolitical tensions. US Treasury Secretary Scott Bessent said the general licence, meant to clear oil already at sea before March 11, has run its course and will lapse without extension.

"We will not be renewing the general licence on Russian oil and Iranian oil. That was oil that was on the water prior to March 11th. All that has been used," Bessent said during a media briefing.

Simultaneously, the Donald Trump administration has threatened to sanction buyers of Iranian oil and said it believed China would pause such purchases as Washington enforces a maritime blockade on Iran.

"We have told countries that if you are buying Iranian oil, that if Iranian money is sitting in your banks, we are now willing to apply secondary sanctions," the Treasury Secretary said.