US renews waiver to allow countries including India to purchase Russian oil till May 16
PTC News Desk: In a significant relief for India, Trump administration on Friday renewed a waiver allowing countries to buy sanctioned Russian oil for about a month.
According to the Treasury Department, waivers will allow the countries to purchase Russian oil and petroleum products till Friday 16. The extension comes after the waiver expired on April 11.
The waiver however excludes transactions involving Iran, Cuba and North Korea.
The move significantly aims at mitigating global energy prices that have skyrocketed as the conflict in the Middle East broke out. It also came after countries in Asia, suffering from the global energy shock, pressed Washington to allow alternative supplies to reach markets.
"As negotiations (with Iran) accelerate, Treasury wants to ensure oil is available to those who need it," a Treasury Department spokesperson said.
Meanwhile, global oil prices plunged 9 % on Friday after Iran announced opening of Strait of Hormuz, key oil chokepoint in the Gulf, days after war already created massive disruption in the energy supply.
The war, which enters its eighth week on Saturday, has damaged more than 80 oil and gas facilities in the Middle East, and Tehran has warned it could close the strait again if the recent U.S. Navy blockade of Iranian ports continued.
- With inputs from agencies
