The US has allowed India to purchase Russian oil from tankers for 30 days
The US Treasury Department has granted India a temporary licence allowing it to purchase Russian oil for 30 days, US Treasury Secretary Scott Bessent said.
According to him, the exemption from sanctions will allow Indian refineries to continue purchasing Russian oil to ensure oil supplies to the global market.
"To ensure that oil continues to flow to the global market, the Treasury has made a temporary 30-day exemption from sanctions that will allow Indian refineries to purchase Russian oil," Bessent wrote.
He noted that this short-term decision will not bring significant financial benefits to Russia, as it only applies to oil that is already on tankers at sea.
"India is an important partner of the United States, so we expect New Delhi to increase its purchases of American oil. This temporary measure will ease the pressure created by Iran's attempts to hold global energy supplies hostage," the US Treasury Secretary said.
According to a document from the US Treasury Department's Office of Foreign Assets Control, transactions involving the sale, transport and unloading of Russian oil loaded onto ships before 5 March are permitted. Such transactions may be carried out until 4 April.
After the US and Israel launched military operations against Iran on 28 February, Tehran blocked the Strait of Hormuz. About 20 per cent of the world's oil supplies and up to 30 per cent of liquefied natural gas pass through this strait.
India is heavily dependent on this supply route. Its oil reserves cover approximately 25 days of domestic demand, and about 40 per cent of its imports come from the Middle East via the Strait of Hormuz.
