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On February 2, 2026, the US announced it would reduce tariffs on Indian goods from 25% to 18%, rescinding an additional 25% duty imposed over India's Russian oil imports. India agreed to buy over $500 billion in US products and reportedly to stop purchasing Russian oil, aiming to ease tensions and support ending the Ukraine war. Modi welcomed the tariff cut but did not confirm halting Russian oil purchases.
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On February 6-7, 2026, the US and India announced a trade framework reducing US tariffs on Indian goods from 50% to 18%, contingent on India halting Russian oil imports. India agreed to lower tariffs on US industrial and agricultural products and commit to $500 billion in US purchases over five years. The deal faces domestic opposition in India, especially from farmers and unions concerned about agricultural exposure.
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On March 12, 2026, the US Treasury issued a 30-day waiver allowing countries to buy Russian oil already at sea to stabilize global energy markets disrupted by the Iran conflict. Treasury Secretary Scott Bessent emphasized the measure's limited benefit to Russia, applying only to oil in transit. This follows a similar waiver for India amid soaring oil prices and geopolitical tensions.
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On March 19-20, 2026, the US Treasury announced plans to temporarily lift sanctions on approximately 140 million barrels of Iranian oil stranded at sea. This move aims to increase global oil supply and reduce soaring prices caused by Iran's closure of the Strait of Hormuz and ongoing conflict. The waiver would allow sales mainly to markets beyond China for 10-14 days, while the US also plans additional releases from its Strategic Petroleum Reserve.
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Russia's oil exports have shifted from discounts to premiums as global disruptions and rising prices boost revenues. The change follows recent conflicts in the Middle East and sanctions impacts, with Russia now benefiting from higher global oil prices and increased demand, especially from Asian buyers.
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The US Treasury has renewed a waiver allowing countries to purchase Russian oil loaded onto ships as of Friday through May 16. The move, which replaces a previous expired waiver, aims to stabilize global energy markets amid ongoing tensions over Iran and Russia's roles in the Ukraine conflict. The extension is part of efforts to manage energy prices during the US-Israeli war against Iran, despite debates over its impact on Russia's revenue.
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The US has renewed a 30-day license allowing Russian oil shipments to bypass sanctions, citing Iran war impacts. The move highlights Moscow's increased energy profits, with the administration stating it will not renew these licenses beyond the current period. The reversal remains unexplained publicly.