US temporarily allows India to buy Russian oil from tankers at sea

US Treasury Secretary Scott Bessent has said that the US is granting India a 30-day permission to purchase Russian oil that is currently on tankers at sea.

Source: Bessent on X (Twitter)

Details: Bessent said the US Treasury is taking this step "to enable oil to keep flowing into the global market".

For this reason, the US Treasury is granting India a 30-day authorisation "to allow Indian refiners to purchase Russian oil".

Quote: "This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorises transactions involving oil already stranded at sea."

Details: Bessent added that "India is an essential partner of the United States" and expressed hope that "New Delhi will ramp up purchases of US oil".

Previously: According to ship-tracking data, two Russian oil cargoes heading to East Asia changed course towards India, suggesting that New Delhi is prepared to accept Russian oil amid escalating tensions in the Middle East.

Previously: At the beginning of February, US President Donald Trump signed an executive order cancelling the 25% tariffs on all Indian goods that had been in place since 2025 in response to India's large-scale purchases of Russian oil.

Trump said earlier that India would buy oil from Venezuela and called on China to join this move.

Background:

• On the morning of 28 February, Israel and the US carried out strikes on Iran and the Lebanese group Hezbollah.
• Following that, Iran attacked Bahrain and the United Arab Emirates and blocked the Strait of Hormuz, the main artery for Middle Eastern oil supplies.
• On Monday, 2 March, at the opening of trading, Brent crude prices jumped 13% to above US$82 per barrel, and oil markets are bracing for prolonged volatility and ongoing disruptions to shipping through the Strait of Hormuz.
• The Ras Tanura oil refinery in Saudi Arabia ceased operations after an Iranian drone strike.
• In the port of Bahrain, the US-flagged tanker Stena Imperative was attacked: a fire broke out on board, but crew members were not injured.
• Qatar suspended LNG production after two Iranian drones struck energy facilities operated by the state-owned QatarEnergy.
• India's state oil refiners and government officials agreed on an action plan due to the conflict around Iran, which has nearly halted oil flows through the Strait of Hormuz, and they are now again considering Russian oil supplies.

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