USA ends sanctions waivers for Russian and Iranian oil
Refiners with Russian or Iranian crude bookings lose waiver protection for those cargoes
Change
The USA terminated the temporary general licences that allowed buyers to take delivery of Russian and Iranian crude loaded before March 11, with the Russian waiver already expired and the Iranian waiver due to lapse the next day.
Why it matters
Buyers who planned to accept those cargoes no longer have legal cover and face direct exposure to US sanctions for post‑lapse deliveries. Refiners that relied on discounted Russian or Iranian barrels must replace near‑term feedstock or obtain targeted licences immediately to avoid supply shortfalls.
Implications
- — Refiners holding Russian or Iranian crude bookings must confirm the legal status of each booked cargo immediately — accepting deliveries after the licences lapse exposes them to US sanctions exposure.
- — Procurement teams at import-dependent refiners with imminent delivery schedules must secure alternative non-Russian/non-Iranian cargoes now — failure to replace supply risks refinery feedstock shortfalls and reduced refinery runs.
Unlock the full brief.
- Implications: What this forces you to change — operations, exposure, or compliance.
- Who is affected: Which roles, contracts, and obligations are exposed.
- What to watch: Binding deadlines and enforcement dates.
- Real-time alerts: Delivered the moment a change is published.
- Ask AI: Ask what this means for your specific role.
Source
View on Economic Times