US Treasury Allows Sanctions Waiver on Russian Seaborne Oil to Lapse The United States Treasury's decision to let lapse a sanctions waiver on Russian seaborne oil marks a significant escalation in Washington's efforts to strangle Moscow's war machine in Ukraine.
The move, which has been brewing for weeks, will have far reaching consequences for global energy markets and the fragile economies of countries like India that rely heavily on Russian crude.
The initial decision not to renew the waiver was met with skepticism from some quarters, including two prominent Democratic senators who argued it would only serve to prop up Russia's war efforts.