WASHINGTON: The US Department of the Treasury has officially declared an end to the benefits offered to India when buying Russian oil.
According to media reports, Indian oil refineries had made orders for roughly 30 million barrels of Russian oil during the period when the benefit was provided. Nonetheless, according to the US Treasury Secretary, Janet Yellen, the temporary concession came to an end on March 11.
The United States had initially given India a month-long exemption from prohibitions on buying Russian oil under certain conditions.
American officials said India would not be able to make any new deals to buy Russian oil anymore. Nevertheless, existing contracts to deliver oil “on the water” will not be affected.
The decision could affect international energy markets and change India’s oil buying policy in the next few weeks.
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