Khaberni - The United States has extended a temporary exemption allowing the purchase of pre-loaded Russian oil on tankers, aiming to stabilize global energy markets despite the sanctions imposed on Moscow.
The decision comes two days after US Treasury Secretary Scott Bisent ruled out extending these facilities, before announcing later the issuance of a new general license extending the exemption until May 16.
Washington had last month granted similar exemptions for the purchase of Russian and Iranian oil transported by sea, amid disruptions in the energy market resulting from the war in Iran, before the initial deadline expired on April 11.
Support for India's Supplies
India is expected to benefit significantly from the decision, as it is one of the major importers of Russian oil, ensuring the continuation of supplies amidst concerns about shortfalls.
India relies on imports for about 90% of its oil needs, with about 40% of these supplies passing through the Strait of Hormuz, which is witnessing escalating tensions, increasing the risks to supplies and the costs of shipping and insurance.
The exemption also provides relief for Indian refineries at a time when market pressures are increasing, especially with the nearing expiry of similar exemptions relating to Iranian oil.
Existing Pressures
Despite the continued supplies, estimates indicate that Russian oil may not sell at the same previous discounts, as prices have risen to their highest levels since 2013, which may limit the economic gains for India.
In this context, India's imports of Russian oil more than tripled in March to EUR 5.3 billion (USD 6.2 billion) compared to USD 1.4 billion (EUR 1.6 billion) in February, with an increase in quantities and prices, reflecting a rise in the import bill.
