US Grants India 30-Day Waiver to Purchase Russian Oil at Sea

The United States has issued a temporary authorization allowing India to purchase Russian oil currently loaded on tankers at sea. US Treasury Secretary Scott Bessent announced the 30-day waiver, framing it as a measure to maintain the flow of oil into global markets.

In a statement posted on social media platform X, Secretary Bessent explained the rationale behind the decision. "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," he wrote. He emphasized that this "deliberately short-term measure" would not provide significant financial benefit to the Russian government, as it only permits transactions for oil already in transit on the water.

Bessent linked the move to broader US energy policy, stating that "President Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded." He further indicated that the temporary waiver is intended to alleviate market pressure stemming from what he described as "Iran's attempt to seize the global energy market."

The Treasury Secretary also expressed a hope that India, as an important US partner, would increase its purchases of American crude oil in the future.