US Treasury Extends Russian Oil Waiver for Two Weeks Amid Importer Pressure

The US Treasury Department has extended the sanctions waiver on Russian oil for two weeks to maintain global price stability. New data reveals that India's total crude oil imports fell by 13% in March compared to February, reaching 4.5 million barrels per day. This decline is largely attributed to the Iranian conflict, which crippled Middle Eastern supply and prevented a full offset despite record-high Russian oil imports. Amidst these disruptions, US Ambassador Sergio Gor met with India's Energy Minister Hardeep Singh Puri to discuss bolstering energy security through increased US exports. While India has expanded its list of approved Russian insurers to 11 to facilitate flows, Washington continues to push for strategic cooperation to reduce regional dependence on Russian and Middle Eastern volatility.