America allowed India to buy oil from Russia for 30 days

What did the Finance Minister say?

Finance Minister Besant wrote on Twitter, ‘Due to President Donald Trump’s energy agenda, oil and gas production has reached its highest level ever. To continue the flow of oil into the global market, the Finance Department is giving a 30-day temporary waiver to allow Indian oil companies to buy oil from Russia. “This deliberate short-term approach will not provide any significant financial benefit to the Russian government.”

New Delhi will increase oil purchases from America – Besant

Besant further wrote, ‘This method allows only those transactions which involve oil already trapped in the sea. India and America are important partners, and we fully expect New Delhi to increase its purchases of American oil. This workaround will reduce the pressure created by Iran’s attempt to hold global energy hostage. Let us tell you that no reply has yet come from the Government of India in this regard.

Crisis due to closure of Strait of Hormuz

Iran has closed the most important sea route, the Strait of Hormuz, to many countries including India after the assassination of Supreme Leader Ayatollah Ali Khamenei in US and Israeli attacks. The Strait of Hormuz remains an important sea route, through which approximately one-fifth of global crude oil trade passes. Due to its closure, the supply of oil and gas from countries like Saudi Arabia, Qatar, UAE, Iraq, Bahrain and Kuwait will be affected on a large scale.

Enough fuel in India only for 25 days

Due to the closure of the Strait of Hormuz, oil tankers of many countries are stranded, which is likely to increase the oil crisis all over the world. The Government of India has said that it has enough oil and fuel for 25 days, due to which it will not have to face any crisis. It is being told that with this 30 day relaxation, stranded Russian oil will continue to reach Indian refineries, which will increase global supply in the long run without any benefit to Russia.

Finance Minister’s statement

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.…

— Treasury Secretary Scott Bessent (@SecScottBessent) March 6, 2026