economy
March 6, 2026
US Allows One Country to Buy Russian Oil
India received temporary relief in energy supply on Friday after US Treasury Secretary Scott Bessent announced a 30-day exemption allowing Indian refineries to purchase Russian oil.
TL;DR
- The US Treasury has granted Indian refineries a 30-day exemption to purchase Russian oil.
- This exemption is intended to help stabilize global energy markets amid Middle East tensions.
- The measure applies to oil already loaded onto tankers by March 5, 2026, and allows transactions until April 3, 2026.
- The US views India as a key partner and expects increased purchases of American oil.
- This move comes after previous US sanctions on Russian oil giants and amidst disruptions to Middle Eastern oil production and supply routes like the Strait of Hormuz.
- Despite rising global oil prices, there are no current plans to increase gasoline and diesel prices in India.
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