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.
While New Delhi has not officially responded to Trump’s latest claim, Prime Minister Modi on Wednesday thanked the US President for his Diwali greetings and their “warm conversation.”
Washington has been ramping up pressure on nations maintaining energy trade with Russia, arguing that revenues from Russian oil are financing Vladimir Putin’s military operations.
India's energy diplomacy has reached an inflection point. The steady rise of Russian oil in India’s import basket, once seen as smart economics, now carries heavier geopolitical baggage.
US President Donald Trump on Friday reiterated his claim that India has "de-escalated" on buying Russian oil, as he met his Ukrainian counterpart Volodymyr Zelensky at the White House.
The recent remarks by former US President Donald Trump, asserting that Prime Minister Narendra Modi has assured him India would cease buying oil from Russia, have sparked a fresh political and diplomatic stir both within India and on the international stage.
