The US has indicated that it wants to soon end the sanctions exemptions given to countries buying Russian oil. US Secretary of State Marco Rubio said this before the Senate Foreign Relations Committee. This step of America may affect many countries including India. Marco Rubio said that America’s basic policy has been to impose sanctions on Russia’s oil sector. Therefore the government wants this exemption to be abolished as soon as possible. However, he clarified that the final decision in this regard will be taken by the US Finance Department.
#WATCH | On being asked about waiver on Russian oil, US Secretary of State, Marco Rubio says, “…The underlying policy remains on the sanctions… These are time-limited extensions… That ultimately is a decision that’s made by Treasury, but it depends on the circumstances at… pic.twitter.com/eR1I34lJt2
— ANI (@ANI) June 2, 2026
Some countries got exemption after the ban in March
In March, America had exempted some countries from the sanctions imposed on Russian oil purchases. Later it was extended twice. The most recent extension was given on May 17 for one month, with the period ending on June 17. During the hearing, Senate member Jeanne Shaheen asked whether this exemption would not be extended. On this, Rubio said that this relief was given to maintain oil supply in the global market and reduce the impact of rising prices. Let us tell you that India is among those countries which have got the benefit of this exemption. Rubio said the US economy doesn’t need it as much, but many other economies around the world have benefited from it.
How long will the discount continue?
How long these exemptions will be continued will depend on international energy market conditions and U.S. policy needs, Rubio said. He said that America wishes that these exemptions should be abolished as soon as the circumstances become normal. After the Russia-Ukraine conflict, Western countries have imposed several sanctions on Russia’s energy sector. Despite this, America has been giving some temporary relaxation from time to time so that the global oil supply is not affected.
What did the US Finance Minister say?
Last month, US Treasury Secretary Scott Besant announced that his department was issuing a temporary general license for 30 days. Its purpose is to provide relief to poor and energy-starved countries that need temporary access to Russian oil stranded at sea. Besant said on social media platform X that this extension will provide additional flexibility to countries in need. He said that America will also issue special licenses in collaboration with such countries if needed. He said that this will help in keeping the global crude oil market stable and oil will be able to reach the countries most in need of energy.
30 days discount ended on 16th May
Let us tell you that the earlier 30-day exemption for Russian oil had ended on May 16. The waiver was first granted in March to allow Russian oil cargoes at sea to reach international buyers despite sanctions. This exemption has been extended thrice so far following increasing tensions in West Asia and instability in the global energy market. Experts believe that on one hand America wants to maintain economic pressure on Russia, while on the other hand it also wants to ensure that there is no major shortage in the global oil market and energy prices remain under control.