India buys Russian oil under 30-day U.S. Treasury waiver
Indian refiners are buying Russian crude under a 30-day U.S. waiver to offset Middle East supply losses. The temporary measure targets oil stranded at sea.
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Refiners in India have begun purchasing millions of barrels of prompt Russia-origin crude oil as the nation attempts to navigate a significant energy supply crunch triggered by the ongoing conflict involving Iran. This move follows a strategic shift by the United States Treasury Department, which issued a 30-day waiver on Thursday to permit the acquisition of Russian barrels 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," stated Treasury Secretary Scott Bessent.
