In view of the deepening oil crisis in most countries due to the Middle East conflict, America had given permission to buy oil from Iran and Russia despite the sanctions, which is now ending. The US has refused to take it forward. US Treasury Secretary Scott Besant announced on Wednesday (April 15) that Washington will not extend the sanctions waiver that allows countries to buy energy from Russia and Iran.
What did the US Finance Minister say?
Besant said in a press conference, ‘We will not renew the general license for Russian oil and Iranian oil. Before March 11, oil that had been loaded on ships or was in transit was allowed to be sold. Besant says that all that old oil has now been used or sold.
30 days exemption was given to buy oil
On March 12, the US Treasury Department announced a temporary waiver to allow Indian refiners to purchase pre-loaded Russian crude oil for a period of 30 days.
“To ensure continued supply of oil to the global market, the Finance Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil,” Besant said in a statement announcing the waiver. This decision is not for the benefit of Russia. It allows only those ships to sell their old cargo which were at sea at the time of the ban. Russia is not going to get any new benefit from this.
America had described this temporary relaxation as a necessary step to stabilize global energy prices, especially crude oil prices. In late February, due to the US-Iran conflict, oil prices had reached above $100 per barrel. Washington announced a 30-day license, allowing other countries to buy Iranian oil. The exemption on Russian oil has ended on April 11, while the exemption on Iranian oil will end on April 19.
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