United States Secretary of the Treasury Scott Bessent on Friday announced that the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil. The move came as the US seeks to stabilise global energy markets amid rising tensions in the Middle East.
Taking to X, “President Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded. To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil."
“This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea," he added.
Terming India an “essential partner" of the United States, Secretary Bessent said that Washington anticipates that New Delhi will ramp up its purchase of US oil. “This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage."
President Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded.To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil.…
— Treasury Secretary Scott Bessent (@SecScottBessent)March 6, 2026
The United States waiver came as the ongoing tensions in the Middle East as missile strikes in several Gulf countries have impacted the production of oil. The situation has become more tense due to Iran’s blockade of the Strait of Hormuz, a narrow maritime chokepoint that handles 20 percent of the global oil supplies.
Several major oil supply units, such as Saudi Aramco’s Ras Tanura refinery and Iraq’s Rumaila oil field, were struck amid the conflict that began last week between Iran, Israel and the United States.
India is considered to be the largest buyer of Russian crude oil after Moscow’s invasion of Ukraine. However, India began to cut its purchases of Russian oil earlier this year after it came under pressure from Washington. Following this, the US lowered the tariffs imposed on New Delhi. Additionally, both India and the US have also secured an interim trade agreement with each other, escalating ties between the two countries.
Source: World News in news18.com, World Latest News, World News
