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.