U.S. Grants India 30-Day Sanctions Waiver on Russian Oil


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- The United States will allow India to buy Russian oil 
currently stranded at sea for a 30-day period to ensure supply for Indian 
refineries cut off from Middle East crude due to the Iran war, the U.S. 
Treasury announced.

   "This stop-gap measure will alleviate pressure caused by Iran's attempt to 
take global energy hostage," Treasury Secretary Scott Bessent said in a 
statement posted on X on Thursday (3/5). The reprieve, issued via the 
Treasury's Office of Foreign Assets Control as General License 133, allows for 
the sale and delivery of Russian-origin petroleum products already loaded on 
vessels as of March 5.

   Reports indicate Indian refineries have enough crude in stock to last for 
approximately 25 days. While the Trump administration has previously pressured 
New Delhi to cut ties with Russian energy to restrict Moscow's war funding over 
Ukraine, this waiver serves as a targeted response to the immediate supply 
crunch.

   The policy pivot comes as Iran enforces a virtual blockade of the Strait of 
Hormuz that borders its coastline, preventing tankers from accessing some 20 
million bpd of petroleum liquids that make up about a fifth of global oil 
supply.




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