The US has issued a 30-day general license to allow some Russian oil sales to India, as the escalating conflict in the Persian Gulf cuts off a major oil-producing region.
The license covers transactions related to the sale of Russian crude oil and petroleum products loaded onto vessels before March 5, so long as it's delivered to India and purchased by an Indian firm.
The measure expires on April 4 at 12:01 a.m. Washington time, according to US Treasury Secretary Scott Bessent.
As of late last week, there were 9.5 million barrels of Russian oil sitting in Asian waters, prompting Indian state refiners and government officials to consider contingency measures.
India has been cutting back on Russian oil purchases in response to US pressure, but the country has been feeling the impact of curtailed supplies, with some refiners shutting down units due to low stockpiles.
