U.S. Treasury Secy Bessent: No Renewal Of Russia, Iran Oil Waiver; Warns Of Secondary Sanctions

The US will not renew the sanctions waiver that allowed countries like India to buy Russian and Iranian oil, Treasury Secretary Scott Bessent said. The waiver covered shipments already in transit before March 11 and has now expired. Bessent also warned that the US could impose secondary sanctions on countries continuing to purchase Iranian oil, raising pressure on major buyers. He flagged concerns over financial channels as well, cautioning banks against processing Iranian funds. The move signals a tougher US stance on energy flows, with potential implications for global oil markets and importing nations.