In a sudden turn of events, Washington has announced that it will issue a fresh 30-day general license allowing countries, including India, to purchase energy from Russia without attracting US sanctions.
The decision comes just two days after Treasury Secretary Scott Bessent stated that America would not be renewing two earlier 30-day licenses from March, which allowed the purchase of previously sanctioned Russian and Iranian energy.
According to an order released by the US Treasury, a new general license will replace the earlier license allowing energy purchases from Russia, but the purchase of Iranian energy will no longer be permitted.
The terms of the new sanctions waiver allow the purchase of Russian crude oil and petroleum products that were loaded onto vessels on or before April 17 and will be authorised until just after midnight Eastern Standard Time on May 16.
India was a key beneficiary of the sanctions waivers, with reports suggesting that the country placed orders for roughly 30 million barrels of oil from Russia after the sanctions waiver was put into effect.
