US eyes easing Russian oil curbs to tame prices; praises India as 'very good actor': Bessent
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Washington: US Treasury Secretary Scott Bessent hinted at temporarily lifting some restrictions on Russian oil to steady global prices amid the Middle East conflict, while commending India for its compliance.
In a Fox Business interview, Bessent noted the US had granted India flexibility after global supply disruptions drove up prices. "The Indians had been very good actors. We had asked them to stop buying sanctioned Russian oil this fall. They did," he said.
India had planned to switch to US crude, but tanker insurance costs soared through the Strait of Hormuz, prompting Washington to allow continued Russian imports temporarily. "To ease the temporary gap of oil around the world, we have given them permission to accept the Russian oil," Bessent explained.
Oil prices have spiked on fears of disruptions from Iran tensions, with dozens of tankers delayed by war-risk premiums.
President Donald Trump announced expanded US-backed insurance for Gulf shipments to reassure carriers. Bessent added the US might unsanction Russian crude already at sea: "There are hundreds of millions of sanctioned barrels of sanctioned crude on the water. In essence, by unsanctioning them, Treasury can create supply. And we are looking at that."
The administration plans ongoing measures to calm markets. India, a top buyer of discounted Russian oil since 2022 sanctions post-Ukraine invasion, prioritizes energy security through diversified sources.
(Inputs from IANS)