07.03.2026 14:30
U.S. Treasury Secretary Bessent has indicated that sanctions on Russian oil may be eased. The U.S. had granted a one-month exemption for Indian refineries to purchase Russian oil the day before.
U.S. Treasury Secretary Scott Bessent indicated the possibility of lifting some sanctions on Russian oil following a 30-day temporary exemption allowing Indian refineries to purchase Russian oil.
Bessent, in statements to Fox Business, addressed global oil supply in the wake of U.S. and Israeli attacks on Iran and Iran's retaliations. Reminding of the 30-day temporary exemption allowing Indian refineries to purchase Russian oil, Bessent conveyed the message that India has maintained a good stance on oil.
Bessent also pointed to the possibility of lifting some sanctions on Russian oil while emphasizing other efforts to maintain global oil supply.
THE U.S. TEMPORARILY ALLOWED INDIA TO PURCHASE RUSSIAN OIL
Bessent announced yesterday that they had issued a 30-day temporary exemption allowing Indian refineries to purchase Russian oil to maintain global oil supply.
Treasury Secretary Bessent stated, "We expect New Delhi to increase its purchases of U.S. oil. This temporary measure will alleviate the pressure caused by Iran's attempts to hold global energy hostage."
Following U.S. and Israeli attacks on Iran and Iran's retaliations, traffic in the Strait of Hormuz, a crucial route for global trade, had come to a standstill, and oil prices had risen.