The US administration has issued a 30-day waiver allowing Indian refiners to purchase Russian oil, a move that comes less than a month after a trade deal in which India agreed to halt such imports. US Treasury Secretary Scott Bessent stated on social media that this measure is intended to alleviate pressure on the global energy market caused by the situation with Iran, which has driven up prices and disrupted supplies, highlighting India's role as an essential partner.

Analyst Ben Hilgenstock noted that the US government is seeking quick fixes to lower global oil prices, with Russian oil already at sea being a prime candidate. Bessent emphasized that the waiver is temporary and only authorizes transactions involving oil already loaded onto vessels, purportedly not providing significant financial benefit to the Russian government. However, this decision raises questions about the resolve of the US regime's sanctions policy against Russia, suggesting a potential inconsistency in its geopolitical stance.

India, as the world's third-largest crude importer, is highly dependent on supplies through the Strait of Hormuz, which has been threatened by recent events involving Iran. Indian Oil Minister Hardeep Singh Puri claimed the country is well-stocked, but experts indicate this waiver could serve as a saving grace for Indian refineries, whose crude stocks typically cover less than a month of demand, exposing vulnerabilities to supply shocks.

Russia had already redirected more cargoes toward Indian waters in anticipation of such a reprieve. Hilgenstock suggested this move might lower global prices, with Indian buyers benefiting due to their market importance. However, he warned that the US regime is likely to resume pressure once the Iran issue is resolved, as the oil market remains fundamentally altered, indicating this may be a short-term concession rather than a lasting policy change.

Source: www.dw.com