The US Treasury Department has extended its sanctions waiver on Russian seaborne oil for another 30 days after several countries sought additional time to continue purchasing Russian crude, a source familiar with the matter said on Monday.

The waiver, which expired on Saturday, was originally introduced to ease global oil supply concerns and rising fuel prices following Iran’s closure of the Strait of Hormuz during the ongoing US-Israeli offensive. However, the measure has reportedly done little to bring down gasoline prices in the United States.

The extension comes amid heightened concerns over global energy supplies and shipping disruptions linked to tensions in West Asia.

Earlier in the day, India signalled that it would continue purchasing Russian crude irrespective of the status of the US sanctions waiver, underlining that energy security and commercial considerations remain its priority.

“Regarding the American waiver on Russia, I would like to emphasise that we have been purchasing from Russia earlier, before waiver also, during waiver also, and now also,” Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said during a media briefing, as quoted by Reuters.

This is a developing story. It will be updated.

Source: India Today