US Treasury Secretary Scott Bessent has reportedly said that the United States has given India “permission” to accept Russian oil amid the ongoing tensions in West Asia. This comes after the US on Thursday (local time) allowed a 30-day waiver for India to purchase Russian oil to meet its energy requirements.
Meanwhile, the crisis in the Gulf is reportedly hampering shipping routes that pass through the Strait of Hormuz.
According to ANI, in an interview with Fox Business, Bessent stated that in order to ease the temporary gap of oil around the world, the US has given New Delhi “permission” for oil trade with Russia.
“The Indians have been very good actors. We had asked them to stop buying sanctioned Russian oil this fall. They did. They were going to substitute it with US oil. But to ease the temporary gap of oil around the world, we have given them permission to accept Russian oil. We may un-sanction other Russian oil,” he said.
Bessent had made similar remarks earlier also.
Speaking at the moment, Bessent said, “President Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded. 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. 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.”
“India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of U.S. oil. This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage,” he added.
Meanwhile, on Friday, Leader of Opposition (LoP) in Lok Sabha, Rahul Gandhi, in a post on X (formerly Twitter), slammed the government over the US’ 30-day waiver. Taking a jibe at the Centre over the question of sovereignty, the Congress leader said that New Delhi’s foreign policy should be rooted in the nation’s history and ethos.
Chris Wright on US’ 30-day waiver
On Friday, US Energy Secretary Chris Wright said that Washington’s decision on issuing a 30-day waiver to New Delhi to purchase certain Russian oil supplies is part of “short-term measures” aimed at keeping global oil prices under control amid supply pressures linked to tensions in the Middle East.
Speaking to ABC News Live, Wright said that the move is intended to quickly bring oil stored in floating reserves into the global market and ease immediate supply constraints.
He added that there are significant volumes of Russian oil currently stored in floating tankers around southern Asia, and that the US has encouraged India to import those supplies to stabilise the market.
India’s oil trade
India sources around 40 per cent of its oil imports from the Middle East, with a significant portion transported through the Strait of Hormuz.
ANI reported, citing sources, that India is reviewing its energy situation twice a day and is in a very comfortable position regarding its energy security. India’s current stock position is also seen to be comfortable, with stock being replenished every day.
US-Iran tensions
Tensions are escalating in West Asia after a joint US-Israel military strike on February 28 on Iranian territory resulted in the death of its Supreme Leader, Ayatollah Ali Khamenei, and other senior figures.
In retaliation, Iran launched waves of drone and missile attacks across multiple Arab countries.
