Headline Roundup • March 12th, 2026
US Lifts Restrictions on India Purchasing Russian Oil for 30 Days
Energy,Trade,Russia,United States,India,Oil,Global Markets,Global Economy,Sanctions,Europe,US Treasury,Scott Bessent
Summary from the AllSides News Team
The US has granted India a 30-day exemption from a February agreement between the two countries in which India agreed to stop purchasing Russian oil.
Key Quotes: Treasury Secretary Scott Bessent said on March 5 that the move won't give Moscow a "significant financial benefit" since it only "authorizes transactions involving oil already standardized at sea." He added, "We fully anticipate that New Delhi will ramp up purchases of U.S. oil. This stop-gap measure will alleviate pressure caused by Iran's attempt to take global energy hostage." Bessent also told Fox Business (Lean Right bias) that the US "may unsanction other Russian oil."
Democrat Rebuttal: On March 10, Democratic minority members of the Senate Committee on Banking, Housing, and Urban Affairs requested a hearing with Bessent by the end of March, according to Punchbowl News. The members wrote, "The Trump administration cannot simultaneously claim to be prioritizing U.S. military operations while offering sanctions relief to [Russian President Vladimir] Putin. The solution to a war started by President Trump must not be to reward the adversary helping Iran target American troops."
Trade Context: In early February, the US and India reached a trade deal under which India agreed to halt Russian oil purchases – something the US long pushed for – and the US cut tariffs on Indian imports from 25% to 18%. In 2024, Russia supplied India with 1.8 million barrels per day, around 36% of its total imports. Europe imports about a quarter of its oil from India, and its imports have risen since the start of the Ukraine conflict.
Diplomatic Context: On March 4, the US torpedoed an Iranian frigate in international waters off the coast of Sri Lanka as it was returning from a friendly naval event hosted by India that both the US and Iran participated in. BBC News (Center) described the sinking as "diplomatically awkward" for India and quoted an Indian commentator who called it "an embarrassment" for India.
How The Media Covered It: When the news broke on March 5, several mainstream outlets covered it, though it was mostly covered by the left and center. Most major outlets from the right did not cover it, though, notably, AllSides found coverage from The Post Millennial (Right) and The Epoch Times (Lean Right). Several major Lean Left outlets, including The New York Times (Lean Left) and CNN (Lean Left), continued to publish coverage on the news the week after it broke. On March 10, CNN published an analysis that said the Iran war "is undermining" President Trump's goal of getting India off Russian oil, and The Times published one that said the US "eases limits on Russian Energy as Oil Prices Soar." Bloomberg (Lean Left) reported that Indian firms swiftly bought up all the Russian oil on the market once the US announced the exemption.
Written by the AllSides staff (of humans). Learn more. Support our mission. Suggest an improvement to this summary.
Featured Coverage of this Story
Andrew Harnik/Getty Images
The United States has granted India a 30-day waiver to continue purchasing Russian crude oil, according to a Treasury Department notice issued on March 5.
The short-term measure will not offer a "significant financial benefit" to Moscow, as the license only "authorizes transactions involving oil already standardized at sea."
"India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of U.S. oil. This stop-gap measure will alleviate pressure caused by Iran's attempt to take global energy hostage," Treasury Secretary Scott...
For much of last year, Washington sought to starve Moscow's war machine of cash, in part by removing one of its most loyal customers: India.
Under President Donald Trump's pressure campaign, the White House slapped high tariffs on many of New Delhi's exports and sanctioned two of the Kremlin's largest oil firms.
The strategy appeared to be working. While India didn't quit its Russian oil habit entirely, it sharply reduced its purchases in favor of supplies from the Middle East.
Democratic senators are demanding answers after the Trump administration moved to ease sanctions on Russian oil reserves in an attempt to offset the impact of the U.S.-Israeli strikes on global oil supplies.
The minority members on the Senate Committee on Banking, Housing and Urban Affairs requested a congressional hearing with Treasury Secretary Scott Bessent by the end of March in a Tuesday letter to Committee Chair Tim Scott (R-S.C.), which was reported by Punchbowl News.
.png)
