The US has allowed a sanctions waiver for Russian crude oil to expire, potentially impacting India's energy imports. This move follows a US-Iran understanding for a peace deal and the normalization of oil supplies through the Strait of Hormuz.
President of the Indian Business Alliance, Sammy Kotwani, stated at the St. Petersburg International Economic Forum that the US will need to compromise on sanctions against Russian oil sales to India, especially given the situation in the Middle East and Iran's blockade of the Strait of Hormuz. Kotwani emphasized that Russian oil is strategically important for India due to reliable supply, competitive prices, and diversification, particularly if the Strait of Hormuz remains unstable.
President of the Indian Business Alliance, Sammy Kotwani, stated at the St. Petersburg International Economic Forum that the US will have to compromise on sanctions against Russian oil sales to India. He cited instability in the Strait of Hormuz and Russia's oil as strategically important for India due to reliable, competitive pricing and supply diversification.
US Treasury Secretary Scott Bessent extended a temporary pause on Russian oil sanctions until mid-June, surprising European allies. The move aims to stabilize the crude market and aid energy-vulnerable countries, though it disappoints Kyiv.
Some of the “poorest” countries asked for an extension on Russian oil sanctions relief to curb prices, US Treasury chief Scott Bessent said Read Full Article at RT.com
