Scott Bessent, US Secretary of the Treasury; File | Photograph Credit score: AP
In response to US Treasury Secretary Scott Bessent, the US Treasury has issued a “30-day short-term waiver to permit Indian refiners to buy Russian crude oil.”
In an announcement to X journal on Friday (March 6, 2026), Bessent stated the transfer was geared toward permitting oil to proceed flowing into international markets as wars in West Asia disrupt oil provides.
“This deliberately short-term measure doesn’t convey important financial advantages to the Russian authorities, because it solely authorizes transactions involving oil that’s already at sea,” Bessent stated.
“This stopgap measure will cut back the stress attributable to Iran’s try to carry the world’s vitality hostage.”
He additional stated that the US expects India to extend its purchases of US crude oil as it’s an “indispensable accomplice”.
In response to the newest official information, India continues to cut back its Russian oil imports, rising its procurement from Gulf nations and the US as an alternative in January 2026, with Russia’s share of India’s oil imports falling under 20% for the primary time since Might 2022.
However a possible commerce cope with the USA, cited as a key cause for India to chop imports of low-cost Russian crude oil, is at present stalled following the US Supreme Courtroom’s Feb. 20 ruling invalidating the nations’ reciprocal tariffs.
