After the first round of peace agreement talks with Iran, America’s Donald Trump administration has taken a big decision. The Trump administration has lifted the ban imposed on Iran’s oil sales due to the conflict in West Asia. This decision of America will reduce the crisis on the supply of crude oil in the global energy market, and will also have an impact on the increased prices of energy in the global market and will reduce the prices.

However, America has given temporary exemption of 60 days from economic sanctions on Iran and approved the production, transit and export of its oil, petroleum and petrochemical products. In such a situation, India, which is facing energy crisis during the West Asia conflict, is also likely to get a big relief. However, it also has to be seen whether this 60 days relaxation given by America proves to be beneficial for India?

Good news came after the Switzerland meeting

In fact, this step taken by the US administration is the result of the positivity of the recent talks between the US and Iran in Switzerland, in which US Vice President JD Vance said that long-term meetings with representatives of Iran have been successful in laying the foundation for a comprehensive peace agreement. After this, the US Finance Ministry has officially announced that the exemption from sanctions on Iranian oil will remain valid till August 21, 2026.

What did the US Finance Minister say on the removal of sanctions?

Under President @realDonaldTrump and @VPwe continue to make the world safer and more prosperous.

In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency…

— Treasury Secretary Scott Bessent (@SecScottBessent) June 22, 2026

In this regard, America’s Finance Minister Scott Besant shared a post on social media platform X. He wrote, ‘Under the leadership of President Donald Trump and Vice President JD Vance, we are continuously trying to make the world more secure and prosperous. After fruitful talks going on in Switzerland, it has committed to ensure unhindered and safe navigation in the Strait of Hormuz and to allow IAEA inspectors entry into its country.

Will India benefit or will the situation remain intact?

However, only time will tell how beneficial the financial sanctions lifted by the US on Iran will be for India’s long-term energy imports, but it can definitely prove to be a quick relief for India, which will increase the pressure on crude oil in the global energy market and may reduce the prices of fuel and gas in India.

According to Sumit Ritolia, chief analyst of modeling and refining at Kpler, even though the talks between America and Iran are going in a positive direction, there is no hope of any major crude oil deal with Iran. Because as long as the ups and downs in US sanctions policy continue, India will not move towards any long-term commitment on the import of Iranian oil.

Also read: Hormuz is open but why is there going to be a big crisis for countries like India? This UN alert is scaring us

Amid the Hormuz crisis, America has extended the exemption given to India to buy oil from Russia. The Trump administration has taken this decision when two days ago Finance Secretary Scott Besant had said that America would not extend this exemption. America has extended this exemption for about a month.

According to Reuters report, the US Finance Department has issued a license for this late on Friday night. After this, ships laden with Russian oil have been allowed to transact till May 16. The move comes just two days after Trump’s Treasury Secretary Scott Besant publicly indicated he had no plans to extend such exemptions.

Also read- Will Iran not bow before America? Trump again looked at uranium, said – we will not hand over

How many days’ extension was given?

This new permission will come into effect after the previous 30-day relaxation, which ended on April 11. While it allows continued purchases under specific conditions, it explicitly excludes transactions involving Iran, Cuba and North Korea. That means, under this exemption, no country will be able to buy oil from Iran, Cuba and North Korea.

What did Besant say?

Besant had said in a press conference, ‘We will not renew the general license for Russian oil and Iranian oil. This was oil that had been loaded into ships before March 11. Therefore, it has been completely utilized. He said last month that the Iranian waiver issued by the US Treasury Department on March 20 allowed about 140 million barrels of oil to reach global markets and helped ease pressure on energy supplies during the war. However, this step of America was criticized by the MPs there. He said that relaxation in sanctions will help Iran’s economy when it is at war with America. Similarly, lifting of sanctions on Russia will also help its economy.

Read this also- India will not be able to buy oil from Russia-Iran, deadline is over, Besant, close to Trump, said- ‘Not anymore…’

What did Russia say on the exemption received from America?

Kirill Dmitriev, the Russian President’s special envoy, had said that the first waiver would free up the supply of 100 million barrels of Russian crude, which is approximately equal to one day’s global production. Although this relief in sanctions may temporarily increase the global supply of oil, the partial closure of the Strait of Hormuz by Iran has caused a huge surge in petroleum prices. Before the war, about 20% of the world’s oil and gas was transported through the Strait of Hormuz.

Amid tensions in Iran, US Treasury Secretary Scott Besant had to stop his live interview on Thursday. He was suddenly called to the Situation Room by President Donald Trump. He was discussing with Wilfred Frost of Sky News in the White House, when one of his aides came and said that the President is calling you urgently.

Besant removes his microphone. During this he says that he is going for some time. This incident is said to have happened around 10.22 in the morning. The journalist had to wait for 2 hours during this period. After this Besant returned for the interview. When he returned, he looked quite nervous. Tremor was clearly visible in his voice.

The journalist asked how is Trump? Besant gave this answer?
During this, when a Sky News journalist asked how Trump was and whether the President was under pressure, Besant said that the morale of the President was very high. The Iran mission is running well ahead of schedule. Apart from this, he also praised Trump and Pentagon chief Pete Hegseth. Also said that his son is thinking of joining the army. I entrust the lives of my children into their hands.

Besant calls himself gay
During this time Besant’s voice was trembling. He was also seen avoiding a clear answer on the situation in Iran. Besant heads the US Treasury Department and describes himself as gay. He has two children, Cole and Caroline, with his husband, John Freeman. He was born through surrogacy.

Trump’s claim- Iran was about to accept defeat
Here, according to the Axios report, Trump has claimed during the G-7 call that Iran was about to accept defeat. Got rid of the cancer which was a threat to all of us. During this, Trump was seen praising the Epic Fury operation.

America has praised India’s role amid the sanctions imposed on Russian oil. US Treasury Secretary Scott Besant said that India has behaved responsibly in the matter of Russian oil. He described India as a very good partner and indicated that the US may consider relaxing some more restrictions on Russian oil to keep the global oil market stable.

Scott Besant said during a conversation in a program that America has allowed India to buy Russian oil, which was already en route by sea. He said that America had earlier asked India to stop purchasing banned Russian oil by the end of this year and India also complied with this request.

America gave permission to buy oil

Scott Besant said that India had planned to buy American oil instead of Russian oil, but to avoid a sudden reduction in the oil supply in the world, America gave India temporary permission to take the Russian oil already present on the ships. He said that the purpose of this step was to prevent the shortage of oil in the global market. This decision has come at a time when due to tensions related to Iran, pressure on oil prices has increased in the world and there is a possibility of supply being affected in the Middle East. There has been increased concern especially about the situation around the Strait of Hormuz, because a large part of the world’s oil passes through this route.

What did Scott Besant indicate?

Scott Besant also pointed out that if needed, the US could consider lifting some restrictions on additional Russian oil to bring more oil into the market. He said that this step can be taken to keep the global supply balanced. Meanwhile, according to the report of news agency Reuters, the prices of heavy crude oil from the American Gulf Coast have increased. Due to the conflict related to Iran and supply disruption in the Middle East, many buyers are now turning to American oil.

India US Relations: India’s Foreign Minister S. Jaishankar began his high-profile visit to America on Tuesday (February 4). On the very first day of the tour, he held two important meetings with US Treasury Secretary Scott Besant and Foreign Minister Marco Rubio. In these meetings, discussions were held to further strengthen the partnership between India and America in areas like trade, energy, nuclear cooperation, defence, critical minerals and technology.

This three-day visit of Jaishankar is taking place at a time when, just a day before, US President Donald Trump had announced a big trade deal with India after talking to Prime Minister Narendra Modi. Under this agreement, the reciprocal tariff on Indian goods has been reduced from 25 percent to 18 percent, which is effective immediately.

Jaishankar meets Scott Besant

Foreign Minister Jaishankar started his tour with a meeting with US Treasury Secretary Scott Besant. According to officials, this conversation is considered very important for putting the new economic agreement between India and America on the ground.

These discussions were described as an important step towards finalizing the finer points of the big trade deal announced on Sunday. Posting on social media platform Officials believe that this conversation with the Treasury Department will help translate decisions taken at the political level into concrete policies, especially on issues like ease of doing business, market access and coordination of rules.

Talks on strategic partnership between Jaishankar and Rubio

In the second part of the day, Jaishankar met US Secretary of State Marco Rubio. In this meeting, many major issues of cooperation between the two countries were discussed. Jaishankar said on social media that bilateral cooperation, regional and global issues as well as many important pillars of India-US strategic partnership were discussed in the talks. These include trade, energy, nuclear cooperation, defence, critical minerals and technology. He also said that both sides have agreed to hold separate institutional meetings soon to advance common interests.

At the same time, Marco Rubio said in his post that the meeting especially focused on the discovery of critical minerals and opening new economic opportunities. He also welcomed the trade agreement between India and America and called it an important step for the relations between the two countries.

America’s big initiative on critical minerals

The US State Department has already indicated that Rubio wants to work with international partners to strengthen the supply chain of critical minerals. These minerals are considered very important for areas like defence, technology manufacturing and clean energy.

America will host the Critical Minerals Ministerial for the first time in Washington DC on Wednesday. Officials from more than 50 countries will participate in it. The purpose of this meeting is to increase cooperation on securing and diversifying the supply of essential minerals around the world, the US State Department has said.

US State Department issued statement

The US State Department said that Foreign Minister Marco Rubio and India’s Foreign Minister S. Jaishankar welcomed the trade deal between President Trump and Prime Minister Modi. At the end of the meeting, both the leaders said that they will further advance cooperation with India and America as well as other partner countries through Quad. He also believed that a strong and prosperous Indo-Pacific region is essential to advance the common interests of both the countries.

Tommy Pigott said this in his statement

Foreign Minister Dr. S. in Washington DC. Regarding Jaishankar’s meeting with US Secretary of State Marco Rubio, US State Department Principal Deputy Spokesperson Tommy Piggott said that in this meeting, both the leaders talked about formalizing cooperation between India and America on exploration, mining and processing of critical minerals.

Both welcomed the trade deal between President Donald Trump and Prime Minister Narendra Modi. In the conversation, it was emphasized that both the democratic countries should work together, so that new economic opportunities can open up and common goals related to energy security can be progressed.

At the end of the meeting, Jaishankar and Rubio reiterated their commitment to further strengthen bilateral and multilateral cooperation through the Quad. He also believed that a prosperous Indo-Pacific region is essential to advance the common interests of both the countries.

US Treasury Secretary Scott Besant on Wednesday made a strong attack on Europe regarding the recent trade agreement between India and the European Union (EU). He said that this deal has made it clear that the European Union has given priority to its business interests over supporting Ukraine.

Speaking to CNBC, Scott Besant said that this agreement was reached between India and EU on Tuesday after several years of negotiations, due to which he is very disappointed. European Commission President Ursula von der Leyen has called this agreement the mother of all deals. On this Besant said, ‘They should do whatever they feel is right for them. But to be honest, I found this attitude of Europe very disappointing.

EU distances itself from US tariffs on India

Besant alleged that European countries were buying such refined products from India, which were made from Russian oil, while they were not ready to support America’s strict trade policy on India. He said the US had imposed an additional 25 per cent tariff on Indian goods last year, but the EU did not support the move as it wanted to maintain its own trade agreement with India. Besant said, ‘Europe was not ready to join us and now it is clear that the reason for this was this trade deal.’

Scott Besant said that this policy of Europe weakens its statements regarding Ukraine. “Every time you hear a European leader speak about the importance of the Ukrainian people, remember that he put business above Ukraine,” he said.

What is the purpose of ‘Mother of All Deals’

The objective of the India-EU trade agreement is said to be to increase trade between the two sides and to reduce Europe’s dependence on America. According to Brussels, under this deal, tariffs on about 97 percent of traded goods will be eliminated or reduced. With this, EU exports to India can double by 2032 and European companies will save about 4 billion euros in duty.

Tension in US-Europe trade relations

These statements of Besant have come at a time when trade relations between America and Europe remain tense during the second term of President Donald Trump. US officials are angry that the EU has not yet implemented promises to cut tariffs under the framework agreement it signed with Washington in July.

US tariff pressure on other countries too

This tension increased further when America increased tariffs on other trading partners including South Korea. America says that these countries have shown slowness in implementing bilateral trade agreements. Describing tariffs as a way to create pressure, Besant said that such steps are helpful in taking the work forward.

Europe also targeted regarding energy trade

Speaking to ABC News on Sunday, Besant said that European countries are weakening their own security policies through energy trade. He said, ‘We have imposed 25 percent tariff on India for buying Russian oil. But what happened last week? Europe signed a trade deal with India.

Tariff on India up to 50%, signs of relief also

The Trump administration has imposed tariffs of up to 50 percent on Indian goods, of which 25 percent is directly related to India’s purchase of Russian oil. These tariffs were further increased in August, increasing tensions in US-India trade relations. Besant has recently indicated that there may be relief in tariffs in future. Speaking to Politico during the World Economic Forum, he said that there has been a sharp decline in the purchase of Russian crude oil by Indian refineries. He said, “25 percent tariffs are still in place, but I think there can be a way to remove them.”

India and the European Union (EU) have completed the long-running Free Trade Agreement (FTA) negotiations. This step has come at a time when US President Donald Trump’s tariff policy has increased tension in the trade relations of many countries of the world. America has made strong allegations against India especially for purchasing oil from Russia.

India-EU FTA: Negotiations completed
FTA negotiations between India and the European Union started in 2007. Now both sides have said that the agreement is ready for ‘legal scrutiny’. It can be formally announced on January 27. European Commission President Ursula von der Leyen has called it the ‘mother of all agreements’.

America’s accusation on Russian oil
US Treasury Secretary Scott Besant said that India buys crude oil from Russia, refines it and then European countries buy the same oil product. According to him, this is funding the Russia-Ukraine war. He claimed that because of this America imposed 25% tariff on India, which was later increased to 50%.

Trump administration’s tough stance
America, under the leadership of Donald Trump, said that it has ‘sacrificed’ more than Europe to end the Russia-Ukraine war. The Trump administration believes that Europe is funding the war going on against itself.

Tariff up to 50% on India
America has imposed a total of 50% tariffs on India. Out of this, 25% tariffs have been imposed specifically for purchasing oil from Russia. This decision was taken in August 2025. Amidst all this, Donald Trump extended best wishes on India’s 77th Republic Day. He said that India and America are the world’s largest and oldest democracies and their relations are historical.

Republican leaders disagree with Trump’s policy
Republican Party Senator Ted Cruz reportedly said that Trump’s tariff policy could harm America. According to a media report, he had warned Trump that this could lead to electoral loss and political crisis.

Canada also inclined towards India
Due to America’s strict trade policy, Canada is also renewing its relations. Under the leadership of Prime Minister Mark Carney, Canada is considering India as an important strategic and trading partner. America has also warned of imposing heavy tariffs on Canada. Experts believe that India can benefit from strengthening relations with the European Union and Canada. With this, India is expected to get energy security, new markets and some relief from the tariff pressure of America.

Donald Trump’s close aide and US Finance Secretary Scott Besant has recently claimed that India’s purchases of Russian oil have decreased due to US tariffs. He said that the European Union had refused to impose such a tariff on India because they wanted to make a big deal with New Delhi. Let us tell you that EU Chief Ursula von der Leyen had called the trade deal with India as the mother of all deals.

In an interview given to Politico, the US Treasury Secretary talked about many issues including Greenland and America’s role in the global economy. He said, ‘We imposed 25 percent tariff on India on buying oil from Russia, which resulted in a huge decline in the purchase of Russian oil by Indian refineries. 25 percent tariff on Russian oil is still applicable.’

America can remove 25 percent tariff on India: Besant

During this, Besant also said that Donald Trump administration can also remove these tariffs imposed on India. He said, ‘I think there is definitely a way to remove them, so this is a kind of stop and a big success.’ The US Treasury Secretary also described the European Union as displaying sham morality.

India’s share in Russian oil purchases increased during Ukraine war

US Finance Secretary Scott Besant said that before Russia’s attack on Ukraine, Russia’s share in India’s total oil imports was about 2 to 3 percent. However, after the war this share increased to 18 to 19 percent in Indian refineries.

He said that European countries are buying the same Russian oil from Indian refineries, which he termed as the height of irony and stupidity. He said that in this way Europe is financing the war going on against itself.

EU trade deal with India

Recently, European Commission President Ursula von der Leyen announced that the India-European Union (EU) Free Trade Agreement (FTA) is in the final stages. He termed it the Mother of All Deals and said that it would be an important achievement in deepening relations with the European Union.

Also read: After Rafale with France, now a big deal will be signed with EU too, it will be sealed amid Trump’s evil eye on Europe

America’s Finance Minister Scott Besant has given a big statement regarding reducing the 50 percent tariff imposed on India by President Donald Trump. The Finance Minister has indicated that the US administration led by President Trump may consider withdrawing half of the 50 percent tariff imposed on India. He attributed this to the sharp decline in India’s purchase of crude oil from Russia in the last few months.

Conditions are ripe for relaxation in 25% tariff on India: Besant

In an interview to American news outlet Politico, Finance Minister Scott Besant said India’s move to reduce Russian oil imports has created favorable conditions for relaxing at least 25 percent of the tariffs imposed on Indian salmon.

He said, ‘America had imposed tariffs on India in two phases, where the first 25 percent tariff was imposed on the alleged trade imbalance between the two countries. At the same time, America had imposed an additional 25 percent tariff on India as a punishment for continuing the purchase of crude oil from Russia. This step was taken at a time when Washington was trying to increase economic pressure on Moscow.

What did the Finance Minister say on India’s oil purchase from Russia?

Finance Minister Scott Besant told Politico, ‘Our 25 percent tariff imposed on India has been very successful. India’s purchase of Russian oil has almost ended. Although the tariffs are still in place, I think there may now be a way to remove them.

Scott Besant speaks on EU’s trade deal with India

He also claimed that the European Union (EU) did not impose tariffs on India because it wanted to make a big trade deal with New Delhi. Along with this, he criticized Europe and said that it is purchasing refined energy products from India, which he termed as stupidity.

India stopped taking oil from Russia: Besant

US Finance Minister Besant, while talking to Fox News during the World Economic Forum meeting held in Davos, Switzerland last week, said that India, the world’s third largest oil importer, has significantly reduced the purchase of oil from Russia.

He claimed that after the conflict started, India started buying crude oil from Russia, but President Trump imposed a 25 percent tariff on it. After this, India gradually reduced its purchases and now it has stopped buying oil from Russia.

Also read: Bangladesh elections 2026: America eyes ‘Jamaat’ before Bangladesh elections, know why India’s tension may increase?

Russia Sanctions Bill: US Treasury Secretary Scott Besant has said that President Donald Trump does not need Senate permission to impose 500 percent tariff on countries buying Russian oil. However, he clarified that this time the main target of the tariff threat is China, not India.

Scott Besant claimed that India has stopped purchasing Russian oil after the Trump administration imposed 25 percent tariff on India. He said that due to the strict trade policy of the US, India has changed its imports.

What is the bill with 500% tariff?

The bill Besant was referring to is the Russia Sanctions Bill, under which America can impose at least 500% tariff on countries that buy oil from Russia. This bill has received the approval of President Trump earlier this month.

Scott Besant said this

In an interview, Besant said, ‘Senator Lindsey Graham has put before the Senate a proposal to impose 500% tariff on those buying Russian oil. We will see whether it passes or not. Although we believe that President Trump does not need this, he can implement it under IEPA (International Emergency Powers Act), but the Senate wants to give him this power formally.

America’s attack on Europe also

A senior White House official also took Europe to task. He said that even after four years, Europe is buying Russian oil and thus funding the war going on against itself. Besant claimed during this time that India had started buying Russian oil after the Ukraine war started, but after President Trump imposed 25% tariff, India reduced the purchase and has now stopped it completely.

targeted at china

Scott Besant described China as Russia’s biggest oil buyer and said that America has been planning to impose 500% tariff on China for a long time because it is funding the war by buying cheap oil from Russia.

India’s official stance on 500% tariff bill

India has also reacted to this Russia sanctions bill of America. External Affairs Ministry spokesperson Randhir Jaiswal said, ‘We are fully aware of the proposed bill and are closely monitoring all developments related to it.’