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 US has indicated that trade negotiations with India are advancing, with a senior administration official describing "a lot of positive developments" in recent discussions between the two countries.
The United States (US) is coming close to sealing a trade deal with India, said President Donald Trump, adding that at some point, the US would bring down the tariffs on India.
"Now that President Trump has announced he will not be attending the G20 Summit in South Africa, we can be certain that the self-styled Vishwaguru will himself attend in person," Ramesh said in a post on handle X on Saturday.
This development comes after US President Donald Trump claimed that India would stop buying oil from Russia, sparking controversy over the government's stance.
United States President Donald Trump on Wednesday (local time) claimed that India will significantly reduce Russian oil imports by year-end, citing Prime Minister Narendra Modi's assurance.
