NEW YORK/WASHINGTON, Mar 7: The US has greenlit India’s purchase of Russian oil already loaded on ships at sea, aiming to boost global supplies strained by the West Asia conflict.
Treasury Secretary Scott Bessent told Fox Business that India, a cooperative partner, halted sanctioned Russian oil buys at US urging last fall and pivoted to American crude. This temporary nod covers floating barrels to fill short-term gaps, with plans to unsanction more if needed. “It creates supply without much gain for Russia,” he said.
Energy Secretary Chris Wright echoed this on X and ABC News Live, noting abundant long-term supplies but short-term squeezes from Strait of Hormuz issues. He highlighted floating Russian stocks near Southern Asia—left by picky Chinese buyers—as ripe for Indian refiners. “Buy it, refine it, flood the market—this eases pressure worldwide,” Wright explained. It’s a brief policy tweak, not a Russia U-turn.
This follows Thursday’s 30-day waiver for oil loaded before March 5, deliverable to Indian ports by April 4. Bessent stressed it won’t fatten Moscow’s coffers significantly and expects India to ramp up US oil imports soon.
The move reverses some friction: Trump slapped 25% tariffs on India last year over Russian purchases allegedly fueling Ukraine war efforts. Last month, a trade framework led to tariff relief after New Delhi pledged to shun Russian energy.
