View Details << Back

West Asia Crisis: US gives India 30-day waiver to buy oil from Russia

  West Asia Crisis: In the wake of the escalating conflict with Iran, the US has announced a 30-day temporary waiver for Indian refineries to buy Russian oil. US Treasury Secretary Scott Besant said on Thursday that oil production is at record levels due to President Donald Trump's energy agenda, but this step has been taken to ensure continuous supply of oil in the global market.

Besant clarified that this is a well-considered step, which will not bring any major financial benefit to Russia as it is only for the transaction of oil that is already stuck in the sea route. The US administration, describing India as an important partner, has expressed hope that New Delhi will increase its purchases of American oil in the coming time.
  LATEST UPDATES