Kochi: India can buy Russian oil currently stranded at sea on a short term basis after the US Treasury Department temporarily eased sanctions, BBC reported.
Treasury Secretary Scott Bessent said the permission is for 30 days to allow oil to keep flowing in the global market.
It will also help “alleviate pressure caused by Iran’s attempt to take global energy hostage”, he said.
The move “will not provide significant financial benefit to the Russian government” as it only involves oil already stranded at sea, Bessent said on X.
US President Donald Trump imposed sanctions on the import of Russian oil for Moscow’s invasion of Ukraine.
India, which is a major buyer, was persuaded to stop buying Russian oil in an effort to reduce money flowing to fund the invasion.
Russian oil for India
