U.S. Secretary of the Treasury Scott Bessent. File
| Photograph Credit score: AP
The U.S. Treasury Division on Friday (March 6, 2026) issued a “ short-term 30-day waiver to permit Indian refiners to buy Russian oil”, in line with U.S. Treasury Secretary Scott Bessent.
In a press release on X on Friday (March 6, 2026), Mr. Bessent mentioned the transfer goals to allow oil to maintain flowing into the worldwide market amid the struggle in West Asia that has disrupted oil provide.
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“This intentionally short-term measure won’t present vital monetary profit to the Russian authorities because it solely authorises transactions involving oil already stranded at sea,” mentioned Mr. Bessent.
“This stop-gap measure will alleviate stress attributable to Iran’s try and take international power hostage.”
He went on to say that the U.S. expects India to ramp up purchases of U.S. oil as India is an “important associate”.
U.S. President Donald Trump had imposed 25% punitive tariffs on India for purchasing Russian oil, with the administration asserting that Delhi’s purchases have been serving to gasoline Russia’s struggle in opposition to Ukraine. Final month, the U.S. and India introduced that they had reached a framework for an Interim Settlement on commerce, and Trump issued an Govt Order eradicating the 25% punitive tariffs on India, noting the dedication by New Delhi to cease importing power from Moscow and improve buying of American power merchandise.
India has been repeatedly decreasing Russian oil imports and had as a substitute sourced extra from the Gulf nations and the U.S. in January 2026, the newest official knowledge reveals, with Russia’s share in India’s oil imports falling to lower than 20% for the primary time since Could 2022.
Nonetheless, the potential commerce take care of the U.S. — allegedly the principle purpose for India decreasing low-cost Russian oil imports — is presently in limbo following the U.S. Supreme Court docket’s February 20 choice hanging down that nation’s reciprocal tariffs.
Assertion from Treasury Division
After Mr. Bessent’s tweet a press release from the Division of Treasury titled ‘Authorizing the Supply and Sale of Crude Oil and Petroleum Merchandise of Russian Federation Origin Loaded on Vessels as of March 5, 2026 to India’ mentioned that “all transactions prohibited… which might be ordinarily incident and essential to the sale, supply, or offloading of crude oil or petroleum merchandise of Russian Federation origin loaded on any vessel, together with vessels blocked underneath the above listed authorities, on or earlier than 12:01 a.m. jap commonplace time, March 5, 2026 are authorised by 12:01 a.m. jap daylight time, April 4, 2026, offered that the supply or offloading of such crude oil or petroleum merchandise happens at a port” in India and the purchaser of such crude oil or petroleum merchandise is an entity organised underneath the legal guidelines of India.
(With inputs from PTI)
Printed – March 06, 2026 06:42 am IST
