The Trump administration allowed a sanctions waiver that had enabled countries, including India, to buy Russian seaborne crude to expire.

According to Reuters, the waiver, which had been extended in April for one month to ease supply shortages after Iran’s closure of the Strait of Hormuz, was not renewed by US Treasury Secretary Scott Bessent.

The temporary extension had been part of broader measures to contain soaring energy prices during the Iran war, including withdrawals from the Strategic Petroleum Reserve, a waiver of the Jones Act shipping rule, and President Donald Trump’s call to suspend the federal gasoline tax.

Despite these steps, US gasoline prices remain near $4.50 per gallon, the highest since 2022, while global crude benchmarks have stayed above $100 per barrel since late February. Trump also said he had discussed with Chinese President Xi Jinping the possibility of lifting sanctions on Chinese firms buying Iranian oil, with a decision expected soon.

India, the largest consumer of Russian seaborne crude, has maintained near‑record purchases in April and May under earlier waivers, highlighting the global market’s reliance on US concessions.