US Treasury Secretary Scott Besant has announced that America will not extend the exemption given to India to buy Russian oil. The Donald Trump administration is now ending exemptions from sanctions on Russia and Iran’s oil. India got a big relief due to the lifting of the oil ban from Russia and Iran, but once again America has increased the pressure on India. Republicans in America were criticizing this decision. He said that both Russia and Iran are benefiting from this.
In March 2025, the US had given a temporary exemption of 30 days to India, so that Indian refineries could buy Russian oil already loaded on tankers. The purpose of this exemption was to maintain the supply of oil in the global market. Oil prices should not increase much. Then due to the conflict between America and Iran, crude oil prices were above $ 100 per barrel.
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Scott Besant, Treasury Secretary, America:-
We will not renew the general licenses for oil from Russia and Iran. The oil that was in the sea before March 11 has been used.
Why was there a relief for India?
After this exemption, India had ordered about 30 million barrels of oil from Russia. Indian refineries like Reliance had earlier stopped buying oil from Russian companies, but after getting the discount, they started buying again. Many US senators and Democratic Party leaders strongly criticized this exemption.
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Why did America impose sanctions again?
American leaders said that due to this, Russia is getting an additional profit of 150 billion dollars every day, which it is using in the war against Ukraine. Several senators, including Senators Richard Blumenthal and Chuck Schumer, demanded the Trump administration to immediately end this exemption.
America rejected the demand
Now America has decided that the sanctions will be reimposed. The deadline to buy oil from Russia was till 11 April, the deadline to buy oil from Iran was till 19 April. One is finished, one will finish after 3 days. Many Asian countries including India had tried to increase the exemption, but America has rejected it.
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