India
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USA
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Trade & Tariffs
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Supply Chain & Logistics
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Oil & Gas
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Financial Services
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Sanctions
USA ends waivers allowing Russian and Iranian oil purchases
Refiners holding Russian or Iranian crude bookings lose US waiver protection
Change
The United States ended the general licences that had permitted imports of Russian and Iranian crude already loaded onto ships before March 11, and will not renew those temporary authorisations.
Why it matters
Buyers of Russian and Iranian crude no longer have a compliance safe harbour and face direct exposure to US secondary sanctions. That forces immediate legal and commercial choices on cargoes still at sea or scheduled for delivery, as uncleared shipments may be blocked or penalised.
Implications
- — Refiners holding Russian or Iranian crude bookings and procurement teams at refiners — must verify that each cargo has a valid US-specific licence or exemption before taking delivery now — deliveries without authorisation risk US penalties and potential seizure or rejection.
- — Trade compliance teams at oil trading firms and commodity merchants — must halt acceptance and outbound payments for any Russian or Iranian-origin cargo lacking US authorisation immediately — processing uncleared cargoes exposes the firm to secondary sanctions.
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Source
Economic Times
View on Economic Times