US Grants India 30-Day Waiver To Purchase Russian Oil Amid Iran War | BREAKING LIVE
The United States has granted India a temporary 30-day waiver allowing it to purchase Russian crude oil, a move aimed at maintaining global energy supply stability amid disruptions caused by the ongoing conflict involving Iran in West Asia.
According to officials, the waiver was issued by the US Treasury as tensions in the Middle East have sharply disrupted oil shipments, particularly through key maritime routes such as the Strait of Hormuz, a critical artery for global energy trade. The exemption will allow Indian refiners to buy Russian oil that is currently stranded at sea or already in transit, ensuring that global oil markets continue to function smoothly during the crisis.
US Treasury Secretary Scott Bessent said the temporary measure is intended to ensure that oil continues to flow into international markets despite the ongoing geopolitical turmoil. He noted that the short-term waiver would not provide significant financial benefit to Russia, as it only permits transactions involving already available cargoes rather than new supplies.
The decision comes at a time when the escalating Iran conflict has triggered fears of supply shortages and rising crude prices. The crisis has disrupted Middle Eastern exports and forced several countries, including India, to look for alternative sources of crude oil to meet domestic demand.
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