US ends sanctions waiver for Russian, Iranian oil

U.S. Treasury Secretary Scott Bessent announced that the United States will not renew a general license that had allowed countries like India to purchase Russian and Iranian oil. The waiver, which covered oil shipments that were already on the water prior to March 11, has now been fully utilized and will expire. This move effectively reinstates full sanctions on oil exports from both Russia and Iran, tightening the enforcement of U.S. economic pressure campaigns. The decision is part of the Trump administration's broader strategy to curb the flow of revenue to both nations.