U.S. sanctions waiver for Russian seaborne oil expires, affecting buyers

The U.S. Treasury allowed a sanctions waiver that had temporarily permitted some purchases of Russian seaborne oil to expire on Saturday, ending an authorization that had enabled countries including India to buy crude loaded on tankers before the deadline. The lapse comes amid heightened concerns about global oil supply following disruptions linked to the Strait of Hormuz, as crude prices have stayed elevated.

Treasury Secretary Scott Bessent had previously said he would not renew the general license that covered the purchase of Russian oil stored on tankers. As of early Saturday afternoon in Washington, no renewal notice had been posted on the Treasury website, and a Treasury spokesperson declined to comment further.

The waiver had been initially issued on March 12 and later extended after earlier authorizations eased restrictions for a limited subset of Russian oil. According to previously issued guidance, the authorization applied only to oil already loaded onto vessels. In the latest round, the guidance excluded transactions involving Iran, Cuba and North Korea. Officials said the shifting approach was designed to reduce disruptions in global energy markets while tensions in...