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ConfirmedDiplomacy & politicsBackgroundWashington, D.C., United States

U.S. Treasury temporarily lets India buy sanctioned Russian oil to ease prices

Mountain Time
Local time
8:15 PM in New York
Where
Washington, D.C., United States

The Treasury's Office of Foreign Assets Control issued a license allowing Russian crude and petroleum products already at sea to be offloaded in India from March 5 to April 4, applying only to oil bought by an Indian company and delivered to an Indian port. U.S. crude futures had climbed above $80 that afternoon.

Why it matters

Washington loosened its own Russia sanctions to offset the Gulf supply shock; a dozen Senate Democrats said the waiver handed Vladimir Putin "a free pass."

Sources (3)

Confidence: Corroborated by independent sources or direct evidence. About confidence labels