Washington is temporarily easing sanctions on Russian oil sales to India to address potential supply shortages and reduce the impact of the surge in global crude prices in the wake of US and Israeli attacks on Iran.
US commerce secretary Scott Bessent said late on Thursday that the administration was issuing a temporary 30-day waiver to allow Indian refiners to purchase the oil.
“India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of US oil. This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage,” Bessent said in a social media post.