MARKET STRUCTURE · REGULATORY · INDIA
US waives limits on stranded Russian oil
Change
On Friday, the US Treasury announced a 30-day waiver allowing Indian refiners to purchase Russian crude cargoes currently stranded at sea.
Why it matters
US Treasury Secretary Scott Bessent announced a temporary 30-day waiver. The waiver allows Indian refiners to purchase Russian crude cargoes currently stranded at sea. Bessent stated the measure is aimed at enabling oil to keep flowing into the global market and stabilising global oil markets amid the unfolding conflict. The waiver authorizes transactions only involving oil already stranded at sea and is described as deliberately short-term.
Implications
- • For 30 days, Indian refiners are authorized to transact for Russian crude cargoes already stranded at sea.
- • The authorization is limited to stranded-at-sea cargoes, not a general waiver for ongoing Russian crude purchases.
Who is affected
- • Oil refiners
- • Oil traders/shippers handling cargoes at sea
- • Sanctions compliance teams
Source
Topics
World & Politics Trade & Tariffs Law & Public Safety Regulatory Actions Energy & Power Oil & Gas