US Treasury Secretary Scott Bessent has acknowledged India's continued purchases of Russian oil as 'inevitable', citing urgent supply needs amid the energy disruption triggered by the West Asia conflict.
In an interview, Bessent explained that the US administration granted a temporary 30-day waiver to Indian refiners who had earlier been prevented from buying Russian oil, as Russian oil shipments were already in transit.
The waiver was necessary because Russian oil barrels were already on the water and it was a quick source for Indian refineries, Bessent added.
The US Treasury Secretary acknowledged concerns that Russia could benefit from the war situation created after the US-Israel joint operation in Iran, but said it would be a 'micro period' before Russia benefits.
The waiver allowing Indian refiners to buy Russian oil was signed by US President Donald Trump, and came amid a deepening crisis in the global energy market following the ongoing conflict involving the US, Israel and Iran in West Asia.
Supply chains have been disrupted and key shipping routes like the Strait of Hormuz have been threatened, with roughly 20% of the world's oil and gas supply passing through the strait.
