&imwidth=800&imheight=600&format=webp&quality=medium "US making a U-turn? India gets 30-day waiver to purchase Russian oil amid Iran war")
US Treasury Secretary Scott Bessent on Thursday (Mar 5) announced a 30-day waiver allowing Indian refiners to purchase Russian oil as energy supplies are hit amid the war in West Asia. The temporary measure will enable oil to keep flowing into the global market as the war between the US-Israel and Iran spreads across the region, disrupting global oil supply.
“President Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded,” Bessent said in a statement on X.
The treasury secretary added that the short-term move is unlikely to deliver major financial gains to the Russian government, as it only permits transactions related to oil cargoes that are already stranded at sea.
“To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil. This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea,” Bessent added.
Bessent affirmed India as an “essential partner” of the United States, noting that US President Donald Trump’s administration “fully anticipates” that New Delhi will ramp up its oil purchases from the US.
“This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage,” he said.
Trending Stories
&im=FitAndFill=(700,400))
‘Half-tank rule’: Does keeping your fuel tank full improve mileage?
&im=FitAndFill=(700,400))
‘Automatic cars vs manuals’: Which uses more fuel?
&im=FitAndFill=(700,400))
'Flight Deck Boots': Why USS Abraham Lincoln sailors wear extremely heavy shoes
&im=FitAndFill=(700,400))
Does turning off the radio and headlights actually save fuel?
)
Netherlands to return 11th-century Chola copper plates to India during PM Modi’s visit
&im=FitAndFill=(700,400))
'Hydraulic Arms': How the USS Abraham Lincoln pops up its emergency net
)
Antarctic cosmic dust proves Earth has been traversing through supernova debris for 80,000 years
&im=FitAndFill=(700,400))
Does charging your phone and using your car’s Bluetooth waste fuel?
&im=FitAndFill=(700,400))
What are Chola copper plates that Netherlands returned to PM Modi? FULL LIST of other artefacts brought back to India since 2014
)
Fact check: Trump caught on video taking a sneak peek at Xi Jinping’s private notebook? Clip goes viral | WATCH
)
'The sofa was clearly higher': Here's how social media reacted to Trump-Xi viral video
&im=FitAndFill=(700,400))
'Night Vision': Why the USS Abraham Lincoln bans white flashlights on deck
&im=FitAndFill=(700,400))
Top 7 most economically stable countries in world: India & Pakistan ranking will surprise you
&im=FitAndFill=(700,400))
Meet top 5 batters fastest to 14,000 T20 runs
&im=FitAndFill=(700,400))
'Ghost Targets': How the USS Abraham Lincoln creates fake ships on enemy radar
)
Andhra CM offers cash incentives of ₹30,000 for 3rd child, ₹40,000 for 4th to reverse declining population trend
)
Bermuda Triangle Mystery 'Solved': Scientists REVEAL Structure Found Beneath Island
)
'Will not act until divorce': Ravi Mohan makes shocking announcement after Keneeshaa Francis quits social media
)
‘Prepare for battle of Britain’: Tommy Robinson tells tens of thousands at London rally
)
Jana Nayagan release: CM Vijay takes action, asks producer to return from Cannes
&im=FitAndFill=(700,400))
How much fuel do frequent gear changes really waste?
)
From weapons to wheels: Sweden’s deepening ‘Make in India’ partnership
)
Man ploughs car into crowd killing 8 in Italy, stabs 1 when stopped - What we know about the driver?
)
Trump in bonkers boast reveals he told Xi 'we spy like hell on China'
&im=FitAndFill=(700,400))
Does parking in the shade prevent fuel evaporation in the summer?
)
Noida protest accused was transferred Rs 1 crore in foreign currency to his bank account
)
Jana Nayagan on OTT: Vijay’s victory renews interest in his film, streaming platforms compete to get digital rights
&im=FitAndFill=(700,400))
‘No need to worry about fuel price hikes’: 5 fuel-efficient cars that can save you money
&im=FitAndFill=(700,400))
Does cruise control really save fuel?
&im=FitAndFill=(700,400))
What is the ideal car speed for maximum fuel savings?
)
Media house forced to delete story after PM Modi fact-checks misleading report on X: 'Totally false'
&im=FitAndFill=(700,400))
'Sleep Deprived': How the USS Abraham Lincoln crew survives endless night operations
)
India restricts import of two types of silver bars with immediate effect
)
India's Green Mirage: Northeast is quietly losing its forest cover while India celebrates gains
&im=FitAndFill=(700,400))
Indian rupee becomes Asia’s worst-performing currency- Who else is on the list?
&im=FitAndFill=(700,400))
Petrol vs diesel: Which car engine really saves more money in daily driving?
&im=FitAndFill=(700,400))
Indians at Cannes 2026: Alia Bhatt, Aditi Rao Hydari, Huma Qureshi and others stun on the global red carpet
)
Eurovision 2026: Bulgaria's Dara wins with Bangaranga, Israel's Noam Bettan finishes second
Earlier, the Trump administration had pushed India to stop purchasing Russian oil, saying that by doing so, New Delhi is funding Moscow’s war in Ukraine. However, the US and Israeli military operations in Iran have struck the global supply of oil from West Asia, as the conflict widens across the region.
This comes after the US and Israeli military launched strikes on Iran on Saturday (Feb 28), killing Iran’s supreme leader Ali Khamenei and several other top Iranian officials. The operation was named ‘Epic Fury’ by the US and ‘Lion’s Roar’ by Israel. The attacks came amid heightened tensions between Washington and Tehran and ongoing talks over Iran’s nuclear program. In retaliation, Iran launched attacks on Israel and US military bases in the region, including in Bahrain, Kuwait, the UAE, Qatar, Saudi Arabia, and Jordan.
Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.
