The United States has temporarily relaxed sanctions to allow India purchase Russian crude currently stranded at sea, a move aimed at stabilising global energy supplies as tensions escalate in the Middle East.
US Treasury Secretary Scott Bessent said that Washington granted a 30-day waiver allowing limited trade, including Russian oil shipments already afloat.
He claims that the decision was intended to prevent disruptions to world energy markets, as the ongoing conflict with Iran threatens crucial shipping routes.
The growth coincides with large amounts of crude remaining stuck near the Strait of Hormuz, a key marine corridor handling a large percentage of global oil exports. India, in particular, relies on the small channel, since almost half of its crude imports go through it.
If business deals are concluded inside the waiver period, The News Chronicle notes that about 145 million barrels of Russian oil now drifting at sea could be diverted to Indian ports. Analysts claim the transit help may shield India from an immediate energy supply shock, particularly as tensions over the Gulf maritime route escalate.
India depends much on imported crude; roughly 90 per cent of its oil comes from overseas. Middle Eastern manufacturers in Iraq, Saudi Arabia, the United Arab Emirates, and Kuwait produce many of these materials.
Energy experts caution that prolonged disruption in the Strait of Hormuz could drive up gasoline prices and put additional pressure on the Indian economy. Although the waiver offers near-term breathing room, experts assert the nation remains extremely vulnerable to regional political risks.
