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Unexpected U.S. Decision: Is the "Lock" on Russian Oil Opening?

Editorial staff
06 March 2026, 09:40
Unexpected U.S. Decision: Is the "Lock" on Russian Oil Opening? Photo Author: Kursiv.kz

Washington has granted Indian oil refiners a 30-day grace period to purchase Russian crude oil currently held in offshore tankers.

According to U.S. Treasury Secretary Scott Bessent, this decision was made in response to volatility in the global energy market. The Secretary explained the objectives and conditions of this measure on his X (formerly Twitter) account.

The Department of the Treasury issued a special 30-day authorization to India for operations involving Russian oil. The conditions are as follows:

The permission applies only to oil currently loaded onto tankers at sea. It is described as a short-term measure that will not provide significant financial benefit to the Russian government.

Political instability in the region has disrupted oil supply chains, creating market shortages. By granting this permission to India, Washington aims to prevent a massive spike in oil prices. 

"This measure is aimed at reducing the pressure on the global energy market. Additionally, we hope that India will increase the volume of energy resources imported from the United States in the future," noted Scott Bessent.

Prior to this announcement, oil prices had reached a two-year high, hitting $84.9 per barrel. The primary drivers behind the rising fuel costs are conflicts in the Middle East and the increasing risks associated with shipping through the Strait of Hormuz.

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