US Ends Russian Oil Waiver, Halting Indian Seaborne Purchases
The U.S. Treasury Department allowed a critical sanctions waiver to expire on May 16, 2026, effectively ending a loophole that allowed countries like India to purchase Russian seaborne oil. Treasury Secretary Scott Bessent declined to renew the license, citing the need to further restrict Russian war revenue. The decision is expected to cause a significant shift in global oil flows and increase diplomatic pressure on New Delhi to diversify its energy sources.