The U.S. Treasury Department on Friday (March 6, 2026) issued a “ temporary 30-day waiver to allow Indian refiners to purchase Russian oil”, according to U.S. Treasury Secretary Scott Bessent. President Trump's energy agenda has resulted in oil and gas production reaching the highest levels ever recorded. “This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage.”He went on to say that the U.S. expects India to ramp up purchases of U.S. oil as India is an “essential partner”. U.S. President Donald Trump had imposed 25% punitive tariffs on India for buying Russian oil, with the administration asserting that Delhi’s purchases were helping fuel Russia’s war against Ukraine. However, the potential trade deal with the U.S. — allegedly the main reason for India reducing cheap Russian oil imports — is currently in limbo following the U.S. Supreme Court’s February 20 decision striking down that country’s reciprocal tariffs.

Source: The Hindu March 06, 2026 02:44 UTC