The US Department of the Treasury issued a special 30-day license to India, allowing the purchase of Russian oil currently on tankers. This was announced by the department head, Scott Bessent, on March 6.
This is reported by Kyiv24
Conditions and Restrictions of the License for India
According to the department’s decision, this temporary exemption applies only to Russian oil that is already at sea and can be unloaded at Indian ports. Buyers may only be legal entities operating in accordance with Indian law. According to Scott Bessent, this measure will not bring significant financial gains to the Russian Federation government, as it concerns only limited volumes of oil that are already being transported by sea.
“To ensure continued oil supplies to the global market, the US Department of the Treasury is issuing a temporary 30-day exemption that will allow Indian refineries to purchase Russian oil.”
Bessent also emphasized that India remains an important partner for the US, and Washington expects an increase in oil purchases from the US by New Delhi. In the minister’s view, this short-term permit will contribute to stability in the global energy market, partially mitigating the effects of Iran’s actions, which are trying to influence global energy security.
Context and Market Impact
The energy policy of US President Donald Trump has contributed to a record increase in oil and gas production in the country. At the same time, in early January, it became known that the White House approved a bipartisan sanctions bill against Russia. In particular, it provides for the imposition of 500% tariffs on the import of oil, gas, uranium, and petroleum products from countries that purchase Russian raw materials. India is among those states that may be most affected by these restrictions.