US issues temporary waiver allowing Indian refiners to buy Russian oil

ISTANBUL
The US issued a temporary 30-day waiver Thursday allowing Indian refiners to purchase Russian oil in an effort to keep global supplies flowing, Treasury Secretary Scott Bessent said.

In a statement posted on the US social media company X’s platform, Bessent said the measure was designed to ensure that oil continues to reach global markets.

“President Donald Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded,” he said.

“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 added.

He said the waiver was intentionally short-term and limited to transactions involving shipments already stranded at sea, meaning it would not provide significant financial benefit to the Russian government.

Bessent also described India as a key US partner and said Washington expects New Delhi to increase purchases of American crude.

“We fully anticipate that New Delhi will ramp up purchases of US oil,” he said. “This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage.”

The waiver comes as tensions in the Middle East have disrupted shipping through the Strait of Hormuz, a vital corridor for global energy trade.

Traffic through the strait slowed sharply after attacks by the US and Israel on Iran and Tehran’s retaliatory actions, contributing to rising oil prices and concerns over supply.