India May Face Oil Supply Pressure As US Ends Russian Crude Waiver, Says Bessent

The United States has announced it will not renew sanctions waivers that allowed countries, including India, to purchase Russian oil, marking a significant policy shift. US Treasury Secretary Scott Bessent said the decision reflects Washington’s intent to intensify financial pressure on Moscow. India, which had benefited from discounted crude under the waiver, may now need to reassess its sourcing strategy. The move comes despite requests from several Asian nations to extend the relief measures. The earlier waivers were introduced to stabilise global oil markets during geopolitical tensions, but critics argued they weakened the overall impact of sanctions on Russia’s economy.