finance
U.S. Treasury Extends Russian Crude Sanctions Waiver to May 16 Following Prior Expiration
The U.S. Treasury Department extended a sanctions waiver on Russian oil sales on April 16, 2026, following disruptions from the February U.S.-Israeli attack on Iran and the Strait of Hormuz closure. India and China have ramped up purchases of discounted Russian crude, with Indonesia announcing plans for 150 million barrels. The move aims to ensure oil availability as negotiations accelerate.
May 2, 3:00 PM·2m read2 sources
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U.S. Treasury Department extended a sanctions exemption on the sale of some Russian crude on April 16, 2026, allowing the waiver to remain in effect until May 16. This followed the expiration of a previous sanctions waiver on Russia on April 11.
-Israeli attack on Iran in February 2026 and the subsequent closure of the Strait of Hormuz. U.S. The exemption permits countries to legally purchase hundreds of millions of barrels of crude from Russia, a step expected to decrease oil costs amid ongoing disruptions.
U.S. blockade on Iranian ports. Russia invaded Ukraine in 2022, prompting several major world powers to introduce strict sanctions on trade with Moscow.
Europe and the United States have gradually decreased their dependence on Russian gas and other energy products since 2022. India and China, however, have bought discounted crude and gas from Russia since 2022, with imports of Russian crude to both countries increasing over that period.
In 2024, China bought more than 100 million tonnes of Russian oil, which contributed nearly 20 percent of its energy imports.
India spent an estimated $140 billion on Russian energy imports that year. Over the last year, India and China deepened their ties with Moscow following the imposition of high tariffs on imports by the United States. The ongoing disruption in the Strait of Hormuz has intensified competition between India and China for global oil supplies, primarily from Russia and Saudi Arabia.
