Amid the escalating conflict in West Asia and its growing impact on global oil transportation, the United States has granted India a temporary exemption to import Russian crude oil. The development comes as disruptions in energy supply routes have raised concerns across international markets. US Treasury Secretary Scott Bessent confirmed the decision through a post on the social media platform X.
According to Bessent, Indian refineries have been given a 30-day temporary exemption to purchase Russian oil to ensure stability in global energy supplies during the ongoing crisis. However, he clarified that the purchases must be limited only to Russian oil cargoes that are already stranded at sea. This measure, he said, would help maintain supply in global markets while preventing significant financial benefit to Russia.
The US Treasury Secretary also described India as an important strategic partner of the United States and expressed hope that India would increase its crude oil imports from the US in the future. Since 2022, India has significantly increased its purchases of Russian crude, though imports had declined recently due to sanctions and ongoing interim trade discussions between the two countries.
Meanwhile, tensions in West Asia intensified following US and Israeli strikes on Iran. In response, Iran announced the closure of the Strait of Hormuz, one of the world’s most crucial oil transit routes, causing major disruptions in fuel transportation. Amid supply concerns, global crude prices have remained elevated, with Brent crude currently trading around $83 per barrel in international markets.