India will no longer be able to buy cheap oil from Russia, America gave a blow amid the blockade in Hormuz.

News Topical, Digital Desk : US Treasury Secretary Scott Bessant told reporters on Wednesday that the US will not extend waivers on Iranian and Russian oil. He said, "We will not renew the general license for Russian oil. Nor will we renew the general license for Iranian oil."

This was oil that was in the water before March 11th. Therefore, it has been fully utilized. These moves indicate that the Trump administration will no longer attempt to increase oil supplies and reduce rising energy prices by using sanctions waivers.

India benefited

The relaxation of these sanctions was a major advantage for India, as it allowed New Delhi to continue purchasing Russian oil despite the blockages around the Strait of Hormuz, which had stranded many ships at sea.

Discounts on Russian oil purchases allowed India to secure additional supplies amid global oil supply disruptions. According to reports, Indian refiners placed orders for approximately 30 million barrels of Russian oil during this period.

Major refiners, includ ing Reliance, had already reduced their purchases from Russian companies like Rosneft and Lukoil in January this year due to US pressure, but they soon changed their strategy and started buying more oil from Russian companies.

At least two supertankers carrying Iranian crude oil arrived at Indian ports amid the waiver. This is the first such shipment in nearly seven years. Historically, India has been a major buyer of Iranian crude oil. Due to better compatibility with refineries and favorable terms of trade, India has been importing large quantities of Iran's light and heavy grade crude oil.

America had issued license

In March, after Iran took full control of the key energy route through the Strait of Hormuz, the US issued a 30-day license. This license allowed the delivery and sale of Russian crude oil loaded before March 12th, and the waiver expired on April 11th.

A similar waiver for Iranian oil was issued by the Treasury Department on March 20, allowing approximately 140 million barrels of oil to reach global markets and helping ease the strain on energy supplies caused by the war. This waiver is set to expire on April 19.

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