Russian oil ‘waiver’ explained: How war in West Asia forced Trump’s hand, giving India short-term relief | Explained News
With the effective halt in maritime cargo movement through the Strait of Hormuz hitting crude oil flows to India, the US has issued a temporary 30-day “waiver” to allow Indian refiners to buy Russian crude that is already sitting in tankers on water. India had, in recent months, cut down significantly on its oil imports from Russia amid trade negotiations with the US, as Washington made it a pre-requisite for scrapping its 25% additional penal tariff on India. But with the Strait of Hormuz — through which India gets over 40% of its oil imports — effectively blocked, Indian refiners had already started buying more Russian oil already available in the high seas, according to trade sources and vessel tracking data. “President Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded. To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil. This deliberately short-term measure will not provide significant financial benefit …
