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The US Treasury Department issued a temporary 30-day waiver on March 5, 2026, allowing Indian refiners to purchase Russian crude oil and petroleum products that were loaded on vessels on or before that date. The waiver expires on April 4, 2026.

The US Treasury Department issued a temporary 30-day waiver on March 5, 2026, allowing Indian refiners to purchase Russian crude oil and petroleum products that were loaded on vessels on or before that date. The waiver expires on April 4, 2026.

US Treasury Secretary Scott Bessent stated the measure authorizes transactions involving oil already stranded at sea and will not provide significant financial benefit to the Russian government. He described India as an essential partner and said Washington expects New Delhi to increase purchases of US oil.

US Treasury Secretary Scott Bessent stated the measure authorizes transactions involving oil already stranded at sea and will not provide significant financial benefit to the Russian government. He described India as an essential partner and said Washington expects New Delhi to increase purchases of US oil.

The waiver was issued as the conflict involving Iran disrupted global energy supplies and threatened oil shipments through the Strait of Hormuz, a maritime chokepoint that handles approximately 20% to 25% of global oil supplies.

The waiver was issued as the conflict involving Iran disrupted global energy supplies and threatened oil shipments through the Strait of Hormuz, a maritime chokepoint that handles approximately 20% to 25% of global oil supplies.

India relies heavily on imported crude oil, with approximately 40% to 50% of its imports coming from the Middle East through the Strait of Hormuz. The country's crude stocks can last about 25 days, with petrol and diesel stocks covering another 25 days.

India relies heavily on imported crude oil, with approximately 40% to 50% of its imports coming from the Middle East through the Strait of Hormuz. The country's crude stocks can last about 25 days, with petrol and diesel stocks covering another 25 days.

Indian refiners began buying millions of barrels of prompt Russian crude cargoes following the waiver announcement. State refiners including Indian Oil, Bharat Petroleum, Hindustan Petroleum and Mangalore Refinery and Petrochemicals have been negotiating with traders for deliveries.

Indian refiners began buying millions of barrels of prompt Russian crude cargoes following the waiver announcement. State refiners including Indian Oil, Bharat Petroleum, Hindustan Petroleum and Mangalore Refinery and Petrochemicals have been negotiating with traders for deliveries.

India had reduced Russian oil purchases in recent months under pressure from Washington, with imports falling to approximately 1.1 million barrels per day in January 2026. This reduction helped New Delhi avoid 25% tariffs and secure an interim trade deal with the US.

India had reduced Russian oil purchases in recent months under pressure from Washington, with imports falling to approximately 1.1 million barrels per day in January 2026. This reduction helped New Delhi avoid 25% tariffs and secure an interim trade deal with the US.

US Grants India 30-Day Waiver to Buy Russian Oil

US Grants India 30-Day Waiver to Buy Russian Oil

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US Grants India 30-Day Waiver to Buy Russian Oil

US Grants India 30-Day Waiver to Buy Russian Oil

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