Trump Administration Reportedly Weighs Russian Oil Waiver Extension to Curb Supply Shock
The US is set to extend a Russian oil waiver freeing about 100 million barrels, aiming to ease supply shocks, according to multiple media reports.The Trump administration is expected to renew the exemption allowing purchases of sanctioned Russian oil and products, with a decision likely as early as Friday, according to reports.The current 30-day waiver, introduced in mid-March, permits transactions involving Russian oil already at sea and is due to expire on Apr. 11.US Treasury Secretary Scott Bessent reportedly discussed the extension with President Donald Trump on Thursday, with both agreeing the move would help manage rising energy costs.Several Asian nations are reportedly urging the US to renew the waiver, citing energy shortages and rising costs linked to the Iran conflict.India and the Philippines are among countries seeking continued access to Russian crude shipments already in transit, as governments try to secure supply amid tightening markets, according to the report.An Indian delegation in Washington is reportedly urging US officials to extend the waiver on Iranian crude and to widen existing exemptions covering Russian liquefied natural gas.An Indian official reportedly said New Delhi expects the US to extend the waiver, while denying it is actively seeking exemptions, adding that the country continues to import significant volumes of Russian oil.The International Energy Agency said the crisis has triggered the largest supply disruption on record, intensifying concerns over fuel costs ahead of the US midterm elections in November.A potential waiver, however, risks undermining Western sanctions on Russia, potentially boosting revenue for its war in Ukraine and creating tensions with European allies opposed to easing restrictions.European Commission President Ursula von der Leyen said the current environment does not justify loosening sanctions, highlighting growing divisions among Western partners.On Mar. 20, Washington introduced a 30-day waiver involving Iranian oil shipments at sea.Lawmakers in Washington have also criticized the policy, with Republicans and Democrats warning the waiver could benefit both Russia and Iran at a time of heightened geopolitical tensions.Oil prices remain over 30% above pre-conflict levels, reflecting ongoing volatility and limited supply options following military actions involving the US and Israel.has reached out to the White House, the US Department of the Treasury, and India's Ministry of External Affairs for any comments.