Discount on purchase of Russian oil. (symbolic picture)
On Monday, America took a big decision on the purchase of Russian oil and gave a relief of 30 days. This decision may provide many countries access to Russian oil trapped in the sea. The US Finance Ministry said that this step has been taken with the aim of stabilizing global energy markets and providing oil supplies to energy insecure countries.
What did India say on American discount?
At the same time, on the American exemption, India clearly said that Delhi's decisions regarding oil purchase are guided by the interests of its people and commercial understanding. Sujata Sharma, Joint Secretary, Marketing and Oil Refinery, Ministry of Petroleum and Natural Gas, said that India is buying oil from Russia even during the embargo, during the exemption, and even now.
A general license is issued for 30 days.
US Treasury Secretary Scott Besant wrote in a post on Twitter that the US is issuing a general license of 30 days to provide temporary access to Russian oil stranded at sea to the most vulnerable countries. Scott Besant said that we will work with these countries to give specific licenses as per the need. This general license will help stabilize the physical market of crude oil and ensure that oil reaches the countries facing the most energy crisis.
United States Secretary of the Treasury Scott Bessent tweets, “Treasury Department is issuing a temporary 30-day general license to provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea. This extension will provide pic.twitter.com/yPyWqECz5f
— ANI (@ANI) May 18, 2026
Exemption has been given earlier also
Apart from this, this exemption will also help in re-routing existing supplies to needy countries by reducing China's capacity to store subsidized oil. This announcement has been made at a time when the 30 day exemption period issued earlier had ended. The last 30-day exemption for oil stranded in Russian waters ended on May 16.
Let us tell you that this temporary relaxation given in March was given to support global fuel supply by allowing cargo stuck in transit to reach international buyers despite restrictions. This is the third such expansion since the conflict began in the Middle East. Middle East tensions started on 28 February.
Deepening energy crisis in the world
Energy markets are experiencing continued volatility due to recent events related to Middle East tensions. This has raised fears of disruption in the global energy distribution network. In such a situation, the extension of American exemption on Russian oil is being considered an important step towards reducing these concerns.
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