U.S. Extends Sanction Waiver on Russian Oil for India

Days after saying it would not extend a sanction waiver for Russian crude sold to Indian refiners, the U.S. Treasury Department changed its mind and extended the waiver for two weeks until mid-May. According to an Indian Express report, the U-turn appears to have come as a result of pressure exerted on Washington by importers that turned to Russian barrels to replace lost supply from the Middle East. After the U.S. issued the sanction waiver in March, a race began for Russian oil cargoes at sea, with several tankers even diverting from China to…