Washington: US Treasury Secretary Scott Bessent on Friday reiterated that the United States has granted India "permission" to resume purchases of Russian oil, characterising the move as a pragmatic necessity to stabilise global markets amid the escalating conflict in West Asia.

In an interview with Fox Business, Bessent noted that India had previously complied with American requests to cease importing sanctioned Russian crude but that the current blockade of the Strait of Hormuz necessitated a temporary reversal.

"The Indians have been very good actors. We had asked them to stop buying sanctioned Russian oil this fall. They did," Bessent said. "They were going to substitute it with US oil. But to ease the temporary gap of oil around the world, we have given them permission to accept Russian oil. We may un-sanction other Russian oil."

The 30-day waiver, announced Thursday, permits Indian refiners to acquire Russian-origin petroleum products provided they were loaded onto vessels on or before March 5, 2026. The reprieve is set to expire on April 4.

U.S. Energy Secretary Chris Wright told ABC News Live that the "short-term measure" aims to bring hundreds of millions of barrels currently held in floating storage around southern Asia into the market. He emphasised that the move does not signal a shift in the administration's stance toward Moscow.

"This is no change in policy towards Russia. This is a very brief change in policy just to keep oil prices down a little bit better than we could otherwise," Wright said.

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In New Delhi, Petroleum Minister Hardeep Puri moved to reassure domestic consumers, stating that the country’s energy security remains robust despite the regional turmoil. Nearly 40% of India's oil typically passes through the Strait of Hormuz, but Puri noted that diversification efforts since 2022 have left the nation well-prepared.

"Our priority is to ensure availability of affordable and sustainable fuel for our citizens, and we are doing it comfortably," Puri wrote on X. "There is no shortage of energy in India, and there is no cause of worry for our energy consumers."

Government sources indicated that India is reviewing its energy status twice daily and currently maintains a 74-day combined national reserve of crude and petroleum products. While Russian oil accounted for only 0.2% of India's imports in 2022, it grew to approximately 20% by February 2026, totalling 1.04 million barrels per day.

The waiver comes during the eighth day of "Operation Epic Fury," a joint U.S.-Israeli military campaign that has crippled Iranian infrastructure but also prompted retaliatory strikes that have effectively halted shipping through the world's most critical oil chokepoint.

With inputs from ANI