In a surprising policy shift, the United States has announced a new 30-day general license that allows countries, including India, to continue purchasing Russian oil without facing US sanctions. This decision comes as global energy markets face turmoil, exacerbated by the ongoing US-Israel conflict with Iran. The US Treasury Department's license permits the purchase of Russian oil loaded onto vessels until May 16, 2023. This follows a statement from US Treasury Secretary Scott Bessent, who had previously indicated that two earlier licenses allowing the purchase of sanctioned Russian and Iranian energy would not be renewed. Despite the temporary waiver, the buying of Iranian energy is no longer permitted. Reports suggest that officials from several Asian countries, including India, had urged the US to extend these waivers. Data from the Centre for Research on Energy and Clean Air (CREA) indicates that India's crude oil imports from Russia surged to $5.8 billion in March 2023, up from $1.54 billion in February. However, while the waiver may temporarily increase global oil supply, oil prices continue to rise sharply due to geopolitical tensions and the partial closure of the Strait of Hormuz, a critical global oil transit route. The extension of these waivers may complicate Western efforts to curb Russia's revenue amid its ongoing conflict in Ukraine.