Thursday’s Coverage: Talks with Russia and US “On Hold” Because of Iran War

UPDATE 1006 GMT:

Ukraine President Volodymyr Zelensky announced on Thursday, as the US military warns that it has a shortage of interceptors against any protracted Iranian missile and drone retaliation:

ORIGINAL ENTRY: Months after imposing 50% tariffs on India, in part because of Delhi’s purchases of Russian oil, the Trump Administration is granting a 30-day waiver allowing the imports.

US Treasury Secretary Scott Bessent cited the consequences of the US-Israel war on Iran launched last Saturday and Iranian retaliation, framing it as “Iran’s attempt to take global energy hostage”.

“This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea,” Bessent said.

Shipping in the Strait of Hormuz off the Iranian coast, through which 25% of the world’s maritime oil and 20% of the maritime gas passes, has fallen by up to 90% since Saturday.

On Tuesday, Donald Trump declared the US Navy would begin escorting tankers “if necessary”, but no details have been announced.

India sharply increased its purchases of Russian oil after the Kremlin’s full-scale invasion of Ukraine in February 2022, becoming Moscow’s second-largest customer after China.

However, imports were restricted when the US imposed sanctions in November on Russia’s largest oil companies, Gazprom and Rosneft, and secondary sanctions on their customers. Six of seven Indian refiners halted or cut purchases from December.