Post by : Shakul

Washington, D.C. — The United States has issued a temporary 30‑day waiver allowing Indian refiners to buy Russian oil shipments that were already loaded on vessels, as part of efforts to stabilize global energy supplies amid the escalating conflict in West Asia.

Treasury Secretary Scott Bessent said the emergency measure is designed to keep oil flowing into world markets as tensions around the Strait of Hormuz disrupt traditional supply routes. The waiver covers only Russian crude cargoes that were already on ships by March 5, 2026, and authorises their delivery to Indian ports by April 4, 2026.

“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,” Bessent said in a statement posted on X, adding that this “stop‑gap measure” is not expected to significantly benefit the Russian government because it applies only to cargoes already at sea.

He also described India as an “essential partner” and suggested that New Delhi would likely increase purchases of U.S. crude in the future. The waiver comes amid concerns that global crude prices could spike further as oil shipments through key maritime chokepoints remain uncertain due to conflict in the Middle East.

Indian refiners normally import a large share of their crude from Middle East countries; however, with the current disruptions, several oil cargoes stranded at sea have become commercially attractive. Analysts say the decision provides short‑term relief for supply but does not signal a broader change in U.S. sanctions against Russia.

The move follows months of diplomatic negotiations after the United States had previously pressured India to cut down on Russian oil purchases as part of wider geopolitical efforts related to sanctions on Moscow. Critics have raised questions about the long‑term implications of the waiver for global energy politics, but Washington says the step is necessary to contain immediate supply volatility.

#world news #Global News #Asia News