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.
The Kremlin's response came hours after US President Trump announced a trade deal with India and reduced the tariffs on Indian goods from 50 per cent to 18 per cent.
His remarks came ahead of the announcement of "mother of all deals" between India and the European Union.
“Our European allies have refused to put tariffs on India for buying Russian energy. That’s because they want to sign a big trade deal with India,” Bessent said in an interview with Politico.
State-run oil refiners have been quietly advised to wind down deliveries of Russian crude.
Putin stressed that Russia had already developed solid and efficient energy ties with India before the Ukraine conflict.
