US Grants India 30-Day Waiver to Import Russian Oil

Amid the ongoing conflict in West Asia, global oil transportation has been significantly affected. In a key development, the United States has granted India a temporary waiver to import Russian oil. US Treasury Secretary Scott Bessent announced on the platform X that Indian refineries have been given a 30-day exemption to purchase Russian oil. He stated that this move would help maintain oil supply in the global market during the ongoing crisis.

However, he clarified that the purchases should be limited to Russian oil shipments that are already stuck at sea. According to him, this arrangement would not provide major financial benefits to Russia. Bessent also noted that India is an important partner for the United States and expressed hope that India would increase its crude oil purchases from the US in the future.

Since 2022, India has been importing a significant amount of oil from Russia. However, due to sanctions and ongoing interim trade discussions with the United States, these imports had recently declined. Meanwhile, tensions in West Asia have increased following US and Israeli attacks on Iran. In response, Iran announced the closure of the strategic Strait of Hormuz, a key route for global oil transportation.

This development has created disruptions in energy supply routes. Currently, Brent crude oil prices in the international market are hovering around 83 dollars per barrel.