The US Treasury Department has temporarily eased sanctions to allow India to buy Russian oil currently stranded at sea.
Treasury Secretary Scott Bessent said the 30-day waiver will allow oil to keep flowing in the global market and “alleviate pressure caused by Iran’s attempt to take global energy hostage.”
The move is a “deliberate short-term measure” that “will not provide significant financial benefit to the Russian government” as it only involves oil already stranded at sea, Bessent said on X.
US President Donald Trump sanctioned Russian oil after the start of the Russia-Ukraine war, forcing buyers to seek alternatives.
Washington has put particular pressure on India – a major buyer of Russian energy – to stop buying its oil.
Separately, China is in negotiations with Iran to allow ships carrying crude oil and Qatari gas safe passage through the Strait of Hormuz, Reuters reported on Thursday, citing anonymous sources.
