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Russian Oil Import Waiver Expires
The U.S. Treasury has allowed a key waiver to expire, ending permission for countries to buy Russian seaborne oil. This marks a significant change in U.S. policy toward Russia, halting an allowance previously used to ease global oil shortages and fight rising prices.
Senators Pushed for End to Waiver
This decision followed direct calls from Democratic Senators Jeanne Shaheen and Elizabeth Warren. They argued that buying Russian oil, even with the waiver, still sends vital funds to Moscow for its war in Ukraine. Their push highlighted worries that the waiver wasn't actually lowering fuel costs for Americans.
Gas Prices Remain High for Americans
Despite the U.S. administration's efforts to manage energy markets, such as releasing oil from reserves and considering fuel tax breaks, gasoline prices remain high. Americans are paying around $4.50 per gallon, prices not seen since 2022. Global oil prices have also stayed above $100 a barrel since late February.
India Faces New Import Decisions
India had become a key buyer of Russian oil under the expired waiver, boosting its purchases significantly in recent months. The waiver's end now puts New Delhi in a difficult spot, possibly requiring a rethink of its energy buying plans.