The United States has officially ruled out the renewal of a temporary sanctions waiver that allowed India and several other nations to purchase Russian and Iranian oil. Speaking at a White House briefing on April 15, 2026, U.S. Treasury Secretary Scott Bessent confirmed that the “general licenses” for these oil purchases—originally issued in early March to stabilize global energy markets—have expired and will not be reissued. Bessent noted that the waiver was a short-term, pragmatic measure intended only for oil that was already “on the water” prior to March 11. With that supply now utilized, Washington is pivoting back to a “maximum pressure” strategy to squeeze the revenues of sanctioned regimes amid the ongoing West Asia conflict. This decision is expected to hit Indian refiners hard, as they had significantly increased their intake of Russian crude to roughly 1.98 million barrels a day in March, taking advantage of the temporary legal window. While the waiver allowed India to secure nearly 60 million barrels during the period, its expiration means that future transactions with major Russian firms like Rosneft could trigger secondary U.S. sanctions. With the Strait of Hormuz remaining a volatile flashpoint and global oil prices hovering near $115 per barrel, New Delhi now faces the dual challenge of finding alternative suppliers and managing a potential spike in domestic fuel inflation. Although the Indian government maintains that its sourcing is well-diversified, the loss of discounted Russian and Iranian barrels removes a critical “cushion” from the country’s energy economy.