US Grants India Permission to Purchase Russian Oil Amid Global Supply Concerns

The US has allowed India to buy Russian oil on ships currently at sea to help stabilize global oil supplies amidst West Asia tensions. This move comes after India's agreement to halt sanctioned Russian oil purchases this fall in favor of US oil substitution.

The United States has granted India permission to purchase Russian oil transported on vessels currently at sea, aiming to stabilize global oil supplies strained by ongoing West Asian conflicts. This decision was announced by US Treasury Secretary Scott Bessent during a Friday interview with Fox Business.

According to Bessent, the world remains well-supplied with oil. However, to address temporary supply gaps and bolster international distribution, India has been given the green light to buy the Russian oil in transit.

India had previously agreed to cease purchasing sanctioned Russian oil this fall, instead planning to substitute these imports with US oil. The recent US approval underscores a temporary albeit strategic measure to manage global oil needs, with the possibility of unsanctioning other Russian oil supplies in the future.

(With inputs from agencies.)