The United States has granted a 30-day waiver to Indian refineries to continue purchasing Russian energy amid concerns of a spike in energy prices due to the ongoing conflict between Iran and the US-Israel.
The waiver, announced by US Treasury Secretary Scott Bessent, only applies to Russian products loaded onto vessels before March 5 and expires April 4 at 12:01 a.m. Washington time.
The temporary measure aims to alleviate global pressure as Iran aims to 'take global energy hostage' and is aimed at taking off pressure on India, an essential partner of the United States.
India's strategic petroleum reserve can last 74 days to meet the demand arising out of any global turbulence, union minister Hardeep Singh Puri told the Rajya Sabha earlier this week.
The US has said it was granting a temporary waiver to India on its purchase of Russian oil, weeks after the US said India had committed to halting purchases of Russian crude, a claim yet to be acknowledged by Indian authorities.
