India Is Very Good Actor On Russian Oil Sanctions Says US Treasury Secretary Scott Bessent

7th March 2026 at 12:20 PM

1 minute read

New York : US Treasury Secretary Scott Bessent has said that India is a very good actor on Russian oil sanctions. Speaking on Fox Business’ Kudlow programme, Bessent said Washington allowed India to purchase Russian oil already stranded at sea and is now considering further steps to unsanction more barrels. We had asked them to stop buying sanctioned Russian oil this fall. They did, Bessent said, explaining that New Delhi had complied with earlier US requests before receiving the temporary waiver.

Bessent noted that India had planned to replace Russian supplies with US oil, but Washington decided to allow purchases of Russian crude already on ships in order to avoid short-term disruptions in global supply. 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, he said.

Bessent also suggested that Washington could take additional steps to bring more oil into the market if needed. “We may unsanction other Russian oil,” he told host Larry Kudlow, indicating the US is considering lifting restrictions on additional shipments. US Gulf Coast heavy crude prices surged on Friday as the conflict involving Iran disrupted Middle Eastern supplies and pushed buyers toward American barrels, Reuters reported.

Analysts said the disruption of flows through the Strait of Hormuz and production curbs by some Gulf producers have forced refiners to seek alternative supplies, driving up demand for US heavy crude grades. India sources around 40 per cent of its oil imports from the Middle East, with a significant portion transported through the Strait of Hormuz. Tensions are escalating in West Asia after a joint US-Israel military strike on February 28 on Iranian territory resulted in the death of its Supreme Leader, Ayatollah Ali Khamenei, and other senior figures.