US, March 5, Treasury secretary Scott Bessent has officially confirmed of waiving of oil purchasing On India. India is been buying oil from Russia from many years now. Russia is the main supplier of oil though India buys it from other countries too. The issue became a hurdle in the trade deal which is yet to happen.
US had imposed tariff of 25% excess on Indian exports to US. India did not succumb to US negotiating tricks, instead it stood firm and were consistent with oil buying from Russia.
After US changed the regime in Venezuela the trading of oil under went main changes, India had to size down on purchasing of Oil from Russia. India has not made any changes because US pressure tactics.
Now after the Middle East crisis, oil price is bound to hike up. Most of the oil production facilities are damaged with Iran’s strikes. Iran has also blocked the only see route for oil, Strait of Hormuz, The move by Iran, has upset the supply chain of oil globally.
The Treasury Secretary has announced the waiver on oil purchase for 30 days, this will enable India to keep buying oil from Russia, and export it to all the continents to keep the oil price stable.
However Government of India has not responded and has not given any official statement so far.