The US Treasury Department has issued a special general license allowing Indian companies to purchase Russian oil and petroleum products already at sea. The decision was made on March 5 as an emergency measure to compensate for the fuel shortage caused by the complete closure of the Strait of Hormuz. This was reported by Bloomberg, writes UNN.
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According to the order of Treasury Secretary Scott Bessent, the license will expire on April 4 at 00:01 Washington time. The document applies exclusively to Indian refineries and cargoes that are effectively stranded in Asian waters – according to analysts, this amounts to 9.5 million barrels of oil.
No oil tanker passed through the Strait of Hormuz today - Media05.03.26, 21:35
This move is a forced retreat from the previous policy of the Donald Trump administration, which previously imposed tariffs against India, trying to force the government of Narendra Modi to completely abandon Russian energy carriers.
To ensure the continued flow of oil to the global market, the US Treasury Department is issuing a temporary 30-day waiver that will allow Indian refineries to purchase Russian oil.
He also added that this measure allows operations only with raw materials that are "already stranded at sea."