India will now be able to buy more oil from Russia, as the US again extended the sanctions exemption.

News Topical, Digital Desk : The Trump administration on Friday reinstated a waiver allowing countries to purchase Russian oil and petroleum products at sea for about a month, two days after the administration had previously revoked the waiver.

The Treasury Department posted the license on its website late Friday night. Under the license, countries are allowed to purchase Russian oil shipped on Friday until May 16. However, India has made it clear that it will not be affected by this decision and will continue to purchase crude oil and LPG from Russia.

Excludes transactions with Iran, Cuba and North Korea

The license is part of the administration's efforts to control global energy prices, which spiked during the US-Israeli war against Iran. The license excludes transactions involving Iran, Cuba, and North Korea.

Earlier on Wednesday, Treasury Secretary Scott Bessent said Washington would not extend the waiver for Russian oil and another for Iranian oil, which are set to expire on Sunday.

Bessant said last month that the Iranian waiver allowed about 140 million barrels of oil to reach global markets and helped ease the strain on energy supplies during the war.

What did Russia say?

Russian presidential envoy Kirill Dmitriev stated that the first waiver would make available 100 million barrels of Russian crude oil, equivalent to roughly one day of global production. While this sanctions relief may have temporarily increased global oil supplies, it has not prevented a surge in petroleum prices.

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