U.S. Secretary of the Treasury Scott Bessent. File
| Photograph Credit score: AP
The U.S. Treasury Division is issuing a “ non permanent 30-day waiver to permit Indian refiners to buy Russian oil”, in keeping with U.S. Treasury Secretary Scott Bessent.
In an announcement on X on Friday (March 6, 2026), Mr. Bessent stated the transfer goals to allow oil to maintain flowing into the worldwide market amid the battle in West Asia that has disrupted oil provide.
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“This intentionally short-term measure won’t present important monetary profit to the Russian authorities because it solely authorises transactions involving oil already stranded at sea,” stated Mr. Bessent.
“This stop-gap measure will alleviate strain attributable to Iran’s try and take international vitality 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 companion”.
India has been constantly lowering Russian oil imports and had as an alternative sourced extra from the Gulf international locations and the U.S. in January 2026, the newest official information exhibits, with Russia’s share in India’s oil imports falling to lower than 20% for the primary time since Might 2022.
Nevertheless, a possible commerce take care of the U.S. — allegedly the primary motive for India lowering low cost Russian oil imports — is at present in limbo following the U.S. Supreme Courtroom’s February 20 determination putting down that nation’s reciprocal tariffs.
Printed – March 06, 2026 06:42 am IST