The US Treasury has issued a temporary 30‑day licence permitting India to purchase Russian oil already loaded on tankers at sea, Treasury Secretary Scott Bessent said. The move is intended to help stabilize global energy markets amid the escalating conflict in the Middle East.
The relief applies only to cargoes that are already on vessels and en route. The Treasury said the measure is short‑term and designed to increase supply while regional tensions persist. The department also said the time limit should prevent Russia from gaining significant financial benefit from these transactions.
The need for additional shipments arose against the backdrop of US and Israeli military operations against Iran. Markets had already reacted to geopolitical risk with soaring prices: on March 5, 2026, Brent crude jumped to $85 per barrel. Goldman Sachs analysts had warned of a potential supply shortfall caused by disruptions through the Strait of Hormuz.
Washington continues to use targeted licences to influence prices without lifting major sanctions. Indian refineries are expected to begin accepting cargoes in the coming weeks. US authorities will review the licence conditions after the 30‑day term expires, depending on market developments.
