Bloomberg: Several Asian countries demand that the US not renew sanctions against Russian oil

Several Asian countries, including India and the Philippines, are urging the U.S. Treasury Department to extend a sanctions waiver that allows them to buy Russian oil.

This is reported by Bloomberg, citing sources.

In mid-March, the United States lifted sanctions on the purchase of Russian oil stuck at sea for 30 days. The decision was made because of the war in the Middle East, which has led to fuel shortages around the world. The exemption is valid until April 11.

Now India and the Philippines are trying to push the Donald Trump administration to use limited tools to increase oil availability as governments around the world struggle to contain a sharp rise in global energy prices. The oil market has remained extremely volatile since the US and Israel launched a military campaign, with prices still more than 30% higher than pre-war levels.

An Indian government official said New Delhi hoped the exemption would be extended, but denied that the country was lobbying for concessions. At the same time, he acknowledged that India was buying large amounts of Russian oil.

War in the Middle East and negotiations between Iran and the US

On the morning of February 28, the US and Israel launched an attack on Iran. Iranʼs Supreme Leader Ayatollah Ali Khamenei and almost the entire military leadership of the country — about 40 key high-ranking officials — were killed.

Iran, in response to the US and Israeli attacks, began shelling Arab countries and Israel. The war also halted tanker traffic through the Strait of Hormuz, through which almost a fifth of the worldʼs oil exports passed. This led to a sharp increase in oil and gas prices.

On the night of April 8, Trump wrote that he had agreed to a two-week ceasefire with Iran. Later, Iran published a 10-point peace plan: under it, the parties would cease hostilities, the US would withdraw troops from the Middle East and would no longer attack Iranian bases, and ships would have limited access to the Strait of Hormuz for two weeks. Iran would also be required to lift primary and secondary sanctions and compensate for losses. Iran would commit not to developing nuclear weapons, and the US would recognize Iranʼs right to enrich uranium.

That same day , oil prices began to fall sharply. However, analysts do not expect prices to return to pre-war levels due to significant damage to some of the regionʼs energy infrastructure.

For more news and in-depth stories from Ukraine, please follow us on X.