India, March 6 -- Weeks after removing a 25% tariff penalty on India for buying Russian energy, the Trump administration has issued New Delhi a 30-day waiver allowing refiners to purchase Russian oil. The measure, which US Treasury Secretary Scott Bessent announced, is expected to help stabilise global energy markets following US-Israeli strikes on Iran.

"To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil. This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea," Bessent said in a post on X on Thursday...