US Lets Russian Oil Sanctions Waiver Expire

Following Russia's full-scale invasion of Ukraine in February 2022, Western governments imposed sweeping sanctions on Russian energy exports. The United States and allied nations introduced a price cap on Russian oil in December 2022, coordinated through the G7, intended to limit Russian revenue while keeping some global supply available. Sanctions waivers had allowed certain transactions to proceed under defined conditions, providing flexibility for countries such as India that continued importing Russian crude at steep discounts. The expiration of this waiver narrows that flexibility and could compel affected buyers to seek alternative suppliers or face sanctions exposure.