Big relief to India amid Iran-America war, Trump gives permission to buy oil from Russia for 30 days

US Grants India Exemption to Buy Russian Oil: Amidst the ongoing war with Iran, America has given temporary permission to India to buy Russian oil. America says that this step has been taken to maintain the supply of oil in the global market. It is worth noting that earlier America itself was pressurizing India to stop purchasing Russian oil. This decision has come at a time when reports of a large number of oil ships being stranded in the Strait of Hormuz are emerging.

Speaking to Reuters on Thursday, two senior US officials said that the US government has decided to give a temporary relaxation of 30 days. Under this exemption, Russian oil cargo already present in the sea will be allowed to be transported to India and their sale will continue.

US Finance Minister confirmed

According to media reports, Scott Besant, a minister in the US government, has also confirmed this decision. He said that the objective of this step is to maintain the availability of oil in the global market. According to him, “To maintain oil supply in the global market, America is allowing Indian refineries to buy Russian oil for 30 days.”

Besant clarified that this exemption will be applicable only to those cargoes which are already at sea. He says that this will not bring any major economic benefit to Russia, because this arrangement is limited only to the already ongoing transactions.

America will work together with India

Meanwhile, US Deputy Secretary of State Christopher Landau said the US will work closely with India to meet its short-term and long-term energy needs. Global oil and gas prices have seen a surge after Iran almost blocked the Strait of Hormuz, located between the Persian Gulf and the Gulf of Oman. About 20 percent of the world’s oil and LNG trade passes through this waterway.

India is dependent on imports for gas needs

India is dependent on imports for about 88 percent of its crude oil and about 50 percent of its natural gas needs, with the bulk coming through the Strait of Hormuz.

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During the Raisina Dialogue, Landau said that he hoped that India would also be considering alternative sources of energy. He said that America can become a strong alternative supplier to India and both the countries together can ensure India’s energy security. He also informed that the proposed trade agreement between India and America has now almost reached the final stage.