Hyderabad, April 18: The United States has allowed Russia oil purchases, offering relief for India amid ongoing supply concerns. The decision permits limited transactions involving oil shipments already in transit.
The US Treasury Department issued the order on Friday night. It clarified that the permission will remain valid until May 16. However, the relaxation applies only to oil already at sea, not new purchases.
Earlier, Washington had imposed sanctions on Russian oil imports. Later, it eased restrictions during tensions linked to Iran before tightening them again.
US allows Russia oil purchases amid supply concerns
US allows Russia oil purchases relief for India comes as global supply chains face disruptions. The Gulf crisis had slowed oil movement, impacting availability.
Moreover, even after the Strait of Hormuz reopened, delays in delivery are expected. Therefore, Russian oil remains crucial for India in the short term.
Meanwhile, global oil prices have seen a decline following easing tensions. The average price is currently around 90 dollars per barrel.
India has increased imports from Russia in recent months. Reports suggest purchases have risen significantly, making India one of the top buyers.
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