"To ease the temporary gap of oil around the world, we have given them permission to accept the Russian oil. We may unsanction other Russian oil," US Treasury Secretary Scott Bessent told Fox News, indicating the administration's willingness to further relax restrictions on Russian energy sales to address global supply concerns."
"Bessent said the easing was a "stop-gap measure" which "will alleviate pressure caused by Iran's attempt to take global energy hostage." The temporary license given to Indian refiners covers Russian crude oil and petroleum products already loaded onto vessels before March 5, so long as they are delivered to India and purchased by an Indian company."
"The price surge has come in the wake of the US and Israeli attacks on Iran, with supplies drying up via the strategically vital Strait of Hormuz and with oil production disrupted across the region. Given India's status as the world's third-largest crude importer, the US says it is trying to alleviate supply and price pressures."
The Trump administration issued a 30-day waiver allowing Indian refiners to resume purchasing Russian oil, marking a significant policy reversal from the trade agreement announced last month where India committed to halting such purchases. Treasury Secretary Scott Bessent characterized this as a temporary measure to address global oil supply gaps and price pressures, with oil prices reaching $119 per barrel. The easing follows US and Israeli military actions against Iran, which disrupted regional oil production and supplies through the Strait of Hormuz. As the world's third-largest crude importer, India's resumed purchases target Russian oil already loaded on vessels before March 5. The administration indicated potential further sanctions loosening on Russian oil to manage the price shock affecting global energy markets.
#russia-sanctions-policy #oil-market-dynamics #us-india-trade-relations #energy-security #iran-geopolitics
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