US temporarily lets India buy Russian oil amid energy fears ::::: "Short-term measure will not provide financial benefit to Moscow"

US temporarily lets India buy Russian oil amid energy fears; Israeli military launches strikes on Beirut 

"India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of US oil. This stop-gap measure will alleviate pressure caused by Iran's attempt to take global energy hostage." - US Treasury Dept 

Oil production has been hit across the Middle East amid strikes on major oilfields in the Gulf, with the situation aggravating due to Iran's blockade of the Strait of Hormuz, a narrow maritime chokepoint that handles 20% of global oil supplies.  

India's access to crucial energy supplies received a temporary boost on Friday after US Treasury Secretary Scott Bessent announced a 30-day waiver allowing Indian refiners to purchase Russian oil. 

The Treasury Department's Office of Foreign Assets Control issued a Russia-related licence "Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Russian Federation Origin Loaded on Vessels as of March 5, 2026 to India," the Treasury said in a statement.

It said the transactions, including from vessels blocked by various sanctions regimes, are authorized through the end of the day on April 3, 2026.  

Secretary Bessent described India as an "essential partner" of the United States. 

In a post on X, he wrote, "President Trump's energy agenda has resulted in oil and gas production reaching the highest levels ever recorded. To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil. 

This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea."  

The war in the Middle East intensified as Iran launched fresh missile attacks on Israel and US bases, with Israel intercepting incoming strikes. 

Israeli forces also hit Hezbollah positions in Lebanon, where at least eight people were killed. The conflict has killed more than 1,230 people in Iran, over 70 in Lebanon and about a dozen in Israel, while six U.S. troops have died. 

The U.S. Embassy in Kuwait shut down after Iranian retaliatory strikes. 

The fighting has rattled global markets, pushed oil prices higher and slowed shipping through the Strait of Hormuz, while U.S. President Donald Trump signalled interest in influencing Iran’s next leadership.