US grants India relief on Russian oil purchases, grants Moscow a 30-day extension with conditions

Washington: The US Treasury Department has decided to grant India a temporary 30-day exemption to purchase stranded Russian oil. In a statement released on social media on Thursday, US Treasury Secretary Scott Besant said this temporary measure was taken to maintain oil supply in the global market.

Scott Besant stated that under this exemption, Indian refineries will only be able to purchase Russian oil already stranded at sea. He clarified that this is a deliberately short-term arrangement and will not provide any significant financial benefit to the Russian government.

Decision taken in anticipation of US oil purchases
US Treasury Secretary Besant described this as a temporary measure, saying it would help alleviate pressure on the global energy market caused by Iran. Additionally, the US hopes that India will purchase larger quantities of American oil in the future.

To address the oil supply crisis caused by the ongoing conflict in the Middle East, Indian refineries are purchasing cargoes of Russian crude oil with immediate delivery. Six sources familiar with the matter said that Indian companies are in the process of purchasing millions of barrels of Russian oil.

Russia spares no effort to maintain its friendship
Growing military tensions in West Asia have begun to impact global oil supplies. Meanwhile, Russia has offered a significant assurance to India. Russia has stated that it is ready to send approximately 9.5 million barrels of crude oil to India if oil supplies from West Asia are affected. This move comes at a time when India’s oil supply is facing a crisis and the country has limited reserves.