US ends sanctions waivers for Russian and Iranian oil, tightening global energy markets. Treasury Secretary Scott Bessent confirmed the Trump administration will not renew temporary licenses that permitted purchases of Russian crude and Iranian oil without US penalties. The Russian waiver expired April 11 after initially allowing India and other nations to buy sanctioned oil following the Ukraine invasion. Iran's waiver, which facilitated approximately 140 million barrels reaching global markets, expires April 19. These waivers had provided critical relief to energy supplies and helped moderate crude prices during geopolitical tensions. With both licenses expiring without renewal, the administration has ended its strategy of using sanctions exceptions to manage global oil supply pressures and pricing.
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