Sanctions bend as oil spikes: US lets nations buy Russian crude stranded at sea
The decision comes as oil markets remain jittery. With tensions rising in the Middle East, governments and traders fear disruptions to major supply routes.
The decision comes as oil markets remain jittery. With tensions rising in the Middle East, governments and traders fear disruptions to major supply routes.
Any disruption or closure of the Strait of Hormuz would directly affect India’s economy and energy supplies, he said, adding that the anxiety over LPG availability was already spreading and could worsen if the conflict escalates.
US President Donald Trump spoke to the media about several developments in the wake of the unfolding security situation in West Asia and the Gulf and responded to the announcement by US Treasury Secretary Scott Bessent on temporarily allowing India to purchase Russian oil.
According to an order released by the Ministry of Petroleum and Natural Gas (MoPNG), oil refiners in the country will be asked to ensure that critical gases such as propane and butane are prioritised for LPG production for households.
The waiver was announced Friday by US Treasury Secretary Scott Bessent, underscoring how Washington is attempting to balance pressure on Moscow with the realities of global energy dependence, while reinforcing its ‘Asian pivot’ towards New Delhi.
US Treasury Secretary Scott Bessent said the measure was designed as a short-term step to ensure the continued flow of oil into global markets without providing substantial financial gains to Moscow.
If the first reactions to the India-US trade framework focused on its architecture, the second wave of debate is about its politics.
The Ministry of External Affairs said that “diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy to ensure this.”
Official Kremlin spokesperson Dimitry Peskov said that India has always purchased energy products from other countries and that Russia is well aware of that.
India and the US have concluded trade talks, but questions remain over India’s Russian oil imports, as New Delhi awaits a joint statement clarifying the final terms.
