US Secretary of State Marco Rubio has said that the United States wants to end waivers that allow limited access to Russian oil "as soon as possible", although the final decision rests with the US Treasury Department.
Speaking before the Senate Foreign Relations Committee on Tuesday, Rubio said the future of thesewaiverswould depend on global market conditions and US policy priorities.
"That ultimately is a decision that's made by [US] Treasury, but I will tell you, it depends on the circumstances. At the time, we would like to end it as soon as we possibly can, because the underlying policy of this country has been to sanction their oil. These are time-limited waivers for the purpose of opening up more global supply," Rubio said.
Also Read -Waiver or No Waiver: India Says No One Dictates Its Russian Oil Buys
The US and its allies imposed sanctions on Russia's energy sector following the Ukraine conflict. However, Washington has continued to issue temporary exemptions to prevent disruptions in global oil supplies.
Last month, US Treasury Secretary Scott Bessent announced a temporary 30-day licence allowing the world's most vulnerable countries to access Russian oil that is currently stranded at sea.
In a post on X, Bessent said the extension would provide additional flexibility.
"We will work with these nations to provide specific licenses as needed. This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries," he said.
"It will also help reroute existing supply to countries most in need by reducing China's ability to stockpile discounted oil," he added.
The latest extension came after an earlier waiver expired on May 16. The exemption was first introduced in March to ensure oil shipments already in transit could reach buyers despite sanctions.
Source: India Latest News, Breaking News Today, Top News Headlines | Times Now
