US grants India-like waiver to others for Russian oil

Bessant said this narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government.

Washington: The Donald Trump-led US administration on Thursday temporarily authorised other countries to but Russian oil which is currently stranded at sea amid rising oil prices due to the West Asian conflict.

Similar waiver was earlier granted to India as part of efforts to bring down the oil prices which have been on the rise and crossed hit $100 per barrel since the US and Israel struck Iran on February 28 and Tehran's retaliation.

“@POTUS is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime,” US Treasury Secretary Scott Bessent said in a post on X on Thursday.

India had received a 30-day waiver on March 5 for New Delhi to buy Russian oil after previously having imposed heavy sanctions in the form of tariffs related to the war in Ukraine.

“To increase the global reach of existing supply, @USTreasury is providing a temporary authorisation to permit countries to purchase Russian oil currently stranded at sea,” Bessent said.

He said the short-term policy applies only to oil that is already in transit and will not financially help Kremlin, which derives the majority of its energy revenue from taxes assessed at the point of extraction.

“President Trump’s pro-energy policies have driven US oil and gas production to record levels, contributing to lower fuel prices for hardworking Americans. The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term,” Bessent said.