The United States government has authorized, on Thursday, and for one month, the delivery of Russian oil under sanctions to India, as the conflict in the Middle East directly affects New Delhi’s supplies. According to a document published by the Treasury Department, the authorization will apply until the end of the day on April 3, 2026.
Secretary of the Treasury, Scott Bessent, stated that this waiver was granted to “allow oil to continue to fuel the global market.” He added, “This temporary measure will not bring significant financial benefit to the Russian government, as it only authorizes transactions involving oil already blocked at sea.”
Selling to India “will alleviate the pressure caused by Iran’s attempt to hijack global energy,” he added. The Treasury Department also clarified that this authorization does not extend to oil from Iran.
The US government, along with the European Union (EU) and G7 countries, has gradually implemented several packages of sanctions since 2022 targeting the Russian oil sector to reduce Moscow’s capacity to finance the war in Ukraine. However, India has continued and even increased its purchases of Russian crude, sold below market value, becoming one of the top destinations after China.
In order to force New Delhi to stop buying Russian oil, former US President Donald Trump imposed a 25% tariff in August on a number of Indian products, before a trade agreement between India and the United States limited them.
The decision of the US Supreme Court to cancel a large part of the tariffs wanted by Donald Trump also affected those targeting Indian products, which have been subject to a 10% surcharge since February 24, along with all imported products into the United States.
