The head of the U.S. Treasury stated that this decision will not provide significant financial assistance to Russia.
In light of the escalating conflict in Iran, the U.S. has decided to temporarily suspend sanctions against Russian oil and the shadow fleet, but only in relation to India and for just one month. This decision, as reported by the BBC, allows India to purchase Russian oil that has already been loaded onto tankers, which should help alleviate the oil crisis caused by the conflict in the strategically important Persian Gulf.
Scott Bessen, the U.S. Secretary of the Treasury, stated that this measure is short-term and will not bring significant financial benefits to the Russian authorities, as it only permits transactions involving oil that is already at sea.
After the onset of military actions in Ukraine, India and China became the main buyers of Russian oil that was under sanctions. However, prior to the start of military actions in Iran, the U.S. used sanctions and tariffs to persuade India to suspend oil transactions with Russia, which resulted in significant volumes of oil being left waiting for buyers on tankers.
Experts note that even without the lifting of sanctions, India would have resumed purchases of this oil for two reasons.
Firstly, India, as one of the largest economies, will suffer more than others from the conflict with Iran, as it receives almost half of its imported oil through the Strait of Hormuz, and its strategic reserves are virtually nonexistent. While China can replace its oil imports thanks to reserves for 3-6 months, India has reserves for only a few weeks.
Secondly, India recently halted purchases of Russian oil, but it already has established connections with Russian sellers and the shadow fleet, which will allow for a quick restoration of trade.
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