Washington, May 19: The Trump administration has reversed its earlier decision, extending the exemptions on purchasing stranded Russian crude oil. This announcement comes just two days after the previous exemption period ended on May 16, 2026.
In early March 2026, the administration had temporarily eased some restrictions on Russian crude oil to control rising global oil prices.
U.S. Treasury Secretary Scott Basset shared the news on the social media platform X, stating that the Treasury Department is issuing a temporary general license for 30 days. This will allow vulnerable countries grappling with an energy crisis to access stranded Russian oil.
Basset noted that this extension will provide additional flexibility to the affected countries, with special licenses available if needed. He emphasized that this move aims to stabilize the global crude oil market and ensure that oil reaches the most energy-vulnerable nations.
He also mentioned that this will help redirect existing oil supplies to countries in need and limit China’s capacity to stockpile inexpensive Russian oil.
Meanwhile, the Indian government has clarified its stance, stating it will continue importing crude oil from Russia, keeping energy security and commercial needs in mind. Sujata Sharma, Joint Secretary of the Petroleum Ministry, said on Monday that energy security is the top priority for India, and import decisions will be based on commercial viability, regardless of U.S. exemptions.
–
DSC
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
Leave a Comment