The US government has temporarily eased sanctions to allow India to buy Russian oil currently stranded at sea, amid escalating tensions in the Middle East,
BBC reports.
Treasury Secretary Scott Bessent said the 30-day waiver was a "deliberate short-term measure" to allow oil to keep flowing in the global market.
Millions of barrels of oil and gas are stuck near the Strait of Hormuz - a narrow Gulf chokepoint through which nearly half of India's crude oil and gas imports transits. Tehran has threatened to attack vessels attempting to pass through since the US and Israel began their war against Iran.
The US sanctioned Russian oil following Moscow's invasion of Ukraine, forcing buyers to seek alternatives.
Washington has put particular pressure on India - a major buyer of Russian energy - to stop buying its oil in an effort to reduce money flowing to fund the invasion.
Bessent said the waiver would "not provide significant financial benefit" to Russia as it only authorised transactions involving oil already stranded at sea.
"This stop-gap measure will alleviate pressure caused by Iran's attempt to take global energy hostage," Bessent said on X.
The indefinite halt in supplies has triggered fears of an impending energy crisis in India, which reportedly has crude oil and gas stocks to last for about 25 days.
