The U.S. Treasury allowed a sanctions waiver on Russian seaborne oil to lapse on Saturday, ending a measure that had permitted countries like India to buy Russian crude.
Treasury Secretary Scott Bessent had previously stated he would not renew the general license allowing purchases of Russian oil stored on tankers.
As of early afternoon Washington time Saturday, no renewal notice had been posted on the Treasury website. A Treasury spokesperson declined further comment.
Two top Democratic senators, Jeanne Shaheen and Elizabeth Warren, urged the administration against renewing the waiver, arguing it provided revenue to Russia for its war in Ukraine without lowering fuel costs for U.S. consumers.
The prior extension was part of efforts to control global energy prices that surged during the Iran war, but the moves have done little to calm U.S. gasoline prices, currently around $4.50 a gallon, the highest since 2022.
