00:18A sharp policy reversal from Washington, and it's sending ripples across global markets.
00:24The administration of Donald Trump has just taken what many are calling a major U-turn on sanctions against Russian
00:31oil.
00:32Despite earlier signals that waivers would end, the US has now renewed a key exemption, allowing countries to continue buying
00:40Russian oil for at least another month.
00:42The decision comes as global energy markets are under intense pressure.
00:46The waiver, issued by the US Treasury Department, permits the purchase of Russian crude loaded onto ships through mid-May.
00:54In simple terms, sanctions remain, but enforcement has been loosened.
00:59And the reason? Energy.
01:02Global oil prices have surged sharply amid the ongoing conflict in the Middle East.
01:07Disruptions in supply, damage to infrastructure, and uncertainty around the Strait of Hormuz have created a major shock.
01:15According to the International Energy Agency, this is one of the worst energy supply disruptions in recent history.
01:22And Washington is trying to respond.
01:24Officials say the waiver is meant to stabilise markets and ensure oil supply reaches countries that need it, particularly in
01:32Asia, where demand remains high.
01:34Countries like India, a major buyer of Russian crude, have reportedly pushed for continued access, even raising the issue in
01:42direct talks with Washington.
01:44But the move is controversial. Lawmakers in the US, from both parties, have criticised the decision, arguing it benefits Russia's
01:53economy at a time when Moscow is still engaged in war in Ukraine.
01:57Some also warn it could undermine Western efforts to pressure the Kremlin and strain relations with European allies.
02:04Because leaders in Europe have made it clear they oppose easing sanctions now.
02:09There's another layer too. The waiver excludes countries like Iran, Cuba and North Korea, highlighting the selective nature of US
02:17policy and raising questions about consistency.
02:21Just days ago, officials had indicated the waiver would not be renewed. Now it's back.
02:27A shift that reflects the reality of global markets.
02:30Because energy policy is no longer just about geopolitics. It's about economics.
02:35Domestic fuel prices, global supply chains and political pressure.
02:41With elections approaching, high oil prices are a major concern for Washington.
02:45So this decision may be less about Russia and more about stability.
02:50But it comes at a cost. Balancing sanctions against supply, pressure against pragmatism.
02:56The message is clear. In a world facing energy shocks, even hardline policies can bend.
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