U.S. Secretary of the Treasury Scott Bessent. File
| Photo Credit: AP
The U.S. Treasury Department is issuing a “ temporary 30-day waiver to allow Indian refiners to purchase Russian oil”, according to U.S. Treasury Secretary Scott Bessent.
In a statement on X on Friday (March 6, 2026), Mr. Bessent said the move aims to enable oil to keep flowing into the global market amid the war in West Asia that has disrupted oil supply.
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“This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorises transactions involving oil already stranded at sea,” said Mr. Bessent.
“This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage.”
He went on to say that the U.S. expects India to ramp up purchases of U.S. oil as India is an “essential partner”.
India has been continuously reducing Russian oil imports and had instead sourced more from the Gulf countries and the U.S. in January 2026, the latest official data shows, with Russia’s share in India’s oil imports falling to less than 20% for the first time since May 2022.
However, a potential trade deal with the U.S. — allegedly the main reason for India reducing cheap Russian oil imports — is currently in limbo following the U.S. Supreme Court’s February 20 decision striking down that country’s reciprocal tariffs.
Published – March 06, 2026 06:42 am IST
