How will the global oil and gas market change with the US temporary waiver allowing India to purchase Russian oil?

2026-03-07 11:43:16

Abstract generation in progress

[Caixin] On March 5th local time, U.S. Treasury Secretary Scott Bessent announced on social media that to ease global energy pressures and ensure the continuous flow of oil into the global market, the U.S. Treasury issued a 30-day temporary exemption allowing Indian refineries to purchase Russian crude oil and petroleum products (referred to as “Russian oil”), but only for oil transactions stranded at sea.

The U.S. Office of Foreign Assets Control (OFAC) issued a document on the same day authorizing India to deliver, unload, or sell Russian crude oil and petroleum products loaded onto ships as of March 5th, with the transaction to be completed before 12:01 AM Eastern Daylight Time on April 4th.

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