US Extends Russian Oil Waiver By 30 Days As Iran Peace Talks Remain Stuck

Washington: America has extended the relief period for Russian crude oil stranded in the sea by one more month. The US Treasury Department has issued a new order saying that under certain conditions, the supply of Russian oil will continue till June 17. After this decision, once again the eyes of the world have focused on countries like India, which are buying oil from Russia in large quantities.

After all, why did America increase this relief?

America has extended this relief to those Russian oil consignments which were already present in the sea. It is believed that this decision was taken to prevent a sudden major crisis in the global oil market. America has been giving temporary relaxation in the past also so that the oil supply in the international market is not completely affected.

What did India say on this decision?

India has clearly said that its oil purchases do not depend on American relief or sanctions. Sujata Sharma, Joint Secretary, Petroleum Ministry, said that India was buying oil from Russia earlier also, was buying during the relief also and will continue to buy as per the need in future also.

Does India need Russian oil?

India is among the largest oil importing countries in the world. Cheap crude oil from Russia has become very important for India. This provides relief to the country from the expensive international market and helps in managing domestic fuel prices.

What is said in America's new conditions?

According to the US order, this relief will be applicable only to those Russian oil consignments which were in the sea on or before April 17. Also, transactions with any person or entity linked to Iran, North Korea, Cuba or Ukrainian territories occupied by Russia will not be allowed.

Why did Russian oil become so important for India?

After the Russia-Ukraine war started in 2022, Western countries had imposed several sanctions on Russia. After this, Russia started selling oil to Asian countries at low prices. India took advantage of this and started buying Russian oil in large quantities. This brought considerable relief to India amid rising global prices.

Will oil purchases from Russia continue in future?

India has indicated that keeping its interests in mind, it will continue to purchase oil from Russia. The government says that the country's energy needs and market conditions are of utmost importance.