US Extends Waivers on Sanctions for Russian Oil Purchases Until May 2026

WASHINGTON: The Trump administration in the US has taken a U-turn and extended waivers on sanctions on Russian oil purchases for another month. The US has extended waivers on sanctions on Russian oil and petroleum products for another month. On Friday, the Trump administration issued a new license through the US Treasury Department. Under this license, countries can now buy seaborne Russian oil until May 16, 2026. The decision is a relief for many importing countries, including India, as it will ensure continued access to cheap Russian crude oil. The decision comes two days after the Trump administration said it has no plans to extend such waivers. The impact of the global energy crisis and the war is part of the Trump administration's efforts to control global energy prices. The licenses come amid a surge in energy prices during the US-Israel war on Iran. Instead of the 30-day waivers expiring on this license on April 11, the Treasury Secretary said, any waivers from the North Korea deal would be excluded.