economy
March 7, 2026
US Treasury Secretary Confirms Permission to India to Buy Russian Oil Loaded on Tankers
Scott Bessent also added that the US anticipated that New Delhi will ramp up its purchases of US oil
TL;DR
- US Treasury Secretary Scott Bessent confirmed a 30-day license for India to buy Russian oil on tankers at sea.
- The waiver is intended to keep oil flowing into the global market.
- The measure is short-term and not expected to provide significant financial benefit to the Russian government.
- The US anticipates India will increase its purchases of US oil.
- The license permits transactions for Russian oil and derivatives loaded on vessels before March 5, with offloading allowed until April 4.
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