US Waiver for India to Buy Stranded Russian Oil
US Treasury Secretary Scott Bessent has announced a temporary 30‐day waiver allowing Indian refiners to purchase Russian oil, saying the measure is essential to keep supplies flowing into the global market at a moment of heightened energy strain.Bessent said President Donald Trump's energy strategy had driven American oil and gas production to "the highest levels ever recorded," but additional steps were necessary to stabilise international supply."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 said.According to Bessent, the waiver is deliberately limited in scope and duration.He stressed that it would not deliver meaningful financial benefit to Moscow, as it applies only to oil "already stranded at sea" and does not authorise broader transactions with Russia.He described India as "an essential partner of the United States," adding that Washington fully expects New Delhi to increase purchases of US-produced oil following this short-term arrangement.Bessent said the decision was also aimed at countering what he called Iran's attempt to use energy supply disruptions as a geopolitical weapon. "This stop-gap measure will alleviate pressure caused by Iran's attempt to take global energy hostage," he said.The Treasury Department has not indicated whether the waiver could be extended, reiterating that it is intended purely as a temporary stabilisation tool for global markets.
