U.S. Sanctions Waiver on Russian Crude Expires

A 30-day U.S. sanctions waiver covering Russian crude oil expired on April 11, removing a narrow but operationally significant window that had permitted the sale of Russian crude loaded onto tankers between March 12 and April 11. The waiver's expiry closes a legal corridor that allowed buyers, traders, and shipping intermediaries to complete in-transit transactions without triggering secondary sanctions exposure. With that window shut, cargoes tied to Russian crude now face the full weight of U.S. sanctions enforcement, tightening the effective supply of Russian barrels available to price-sensitive markets. The immediate consequence is upward pressure on crude costs as buyers who relied on the waiver period must either source alternative barrels or absorb compliance risk. Traders and refiners particularly exposed are those in markets that had been quietly absorbing discounted Russian crude within the waiver terms. The next pressure point is how quickly alternative supply routes and pricing adjustments materialize across spot markets.