- Title: US grants India 30-day waiver to buy Russian oil stranded at sea
- Date: 6th March 2026
- Summary: KOZMINO, RUSSIA (FILE - DECEMBER 4, 2022) (REUTERS) VARIOUS OF OIL TANKERS NEAR PORT NAKHODKA, RUSSIA (FILE - DECEMBER 4, 2022) (REUTERS) VARIOUS OF DOCKED VESSEL VLADIVOSTOK, RUSSIA (FILE - DECEMBER 3, 2022) (REUTERS) VARIOUS OF DOCKED OIL TANKER KARACHI, PAKISTAN (FILE - JUNE 13, 2023) (REUTERS) RUSSIAN OIL TANKER ANCHORED AT PORT SIGN ON SHIP READING (English): “PURE PO
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- Keywords: India Iran crisis Rusian oil Scott Bessent United States Secretary of the Treasury crude oil oil tanker
- Location: VARIOUS
- City: VARIOUS
- Country: Various
- Topics: Conflicts/War/Peace
- Reuters ID: LVA003149706032026RP1
- Aspect Ratio: 16:9
- Story Text: The U.S. Treasury Department issued a 30-day waiver on Thursday (March 5) allowing India to buy Russian oil currently stuck at sea.
"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," Treasury Secretary Scott Bessent said in a statement posted on X.
"This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea," he said.
He called it a stopgap measure, as Washington expects India to eventually buy more U.S. oil.
India is vulnerable to energy supply shocks, with crude stocks covering only about 25 days of demand. India gets about 40% of its oil imports from the Middle East through the Strait of Hormuz.
(Production: Ariel Wee) - Copyright Holder: ANI (India)
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