US grants India 30-day waiver to buy Russian oil stranded at sea amid West Asia conflict
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The United States on Thursday granted Indian refiners a 30-day waiver to buy Russian oil stranded at sea amid the conflict in West Asia.
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US Treasury Secretary Scott Bessent said that the decision was a short-term measure to keep oil supplies flowing globally amid disruptions because of the conflict.
The measure “will not provide significant financial benefit” to the Russian government because it only permits the trade of oil that is already stranded at sea, he added.
The decision came amid concerns about rising crude oil prices and its supply from West Asia being disrupted.
“India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of US oil,” Bessent said on social media. “This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage.”
Commenting on Bessent’s statement, Congress MP Karti Chidambaram said that “operative word is ALLOW!” and that it was a “disgrace to our sovereignty”.
India is a net importer of oil and gas, with around 80% to 85% of its energy requirements met through imports.
The price of benchmark Brent crude had jumped to $84 per barrel by Friday after Israel and the US on February 28 launched a joint operation to “degrade the capabilities” of the Iranian government.
The attacks came amid tensions between the three countries...