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The U.S. Treasury Department on Thursday issued a temporary 30-day waiver 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.

The U.S. Treasury Department on Thursday issued a temporary 30-day waiver 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.

Treasury Secretary Scott Bessent stated the "short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea." He described India as "an essential partner" and said Washington expects New Delhi to "ramp up purchases of U.S. oil."

Scott Bessent

Treasury Secretary Scott Bessent stated the "short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea." He described India as "an essential partner" and said Washington expects New Delhi to "ramp up purchases of U.S. 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.

Due to <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.verity.news/story/2026/israel-strikes-iran-leadership-compound-advances-in-lebanon">the U.S.-Israeli war in Iran</a>, Indian refiners had reportedly begun buying millions of barrels of prompt Russian crude cargoes. State refiners, including Indian Oil, Bharat Petroleum, Hindustan Petroleum and Mangalore Refinery and Petrochemicals, have been negotiating with traders for deliveries.

Due to the U.S.-Israeli war in Iran, Indian refiners had reportedly begun buying millions of barrels of prompt Russian crude cargoes. State refiners, including Indian Oil, Bharat Petroleum, Hindustan Petroleum and Mangalore Refinery and Petrochemicals, have been negotiating with traders for deliveries.

This comes as India had reduced Russian oil purchases in recent months <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.verity.news/story/2025/trump-doubles-india-tariffs-to-over-russian-oil-imports">under pressure from Washington</a>, with imports falling to approximately 1.1 million barrels per day in January. This reduction helped New Delhi avoid <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.verity.news/story/2025/trumps-tariffs-on-india-take-effect-amid-trade-dispute">25% tariffs</a> and secure <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.verity.news/story/2026/usindia-trade-deal-tariffs-cut-b-purchase-pledge">an interim trade deal with the U.S.</a>

This comes as 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. This reduction helped New Delhi avoid 25% tariffs and secure an interim trade deal with the U.S.

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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.

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.

The 30-day waiver represents a strategic diplomatic victory that secures India's energy needs during a global crisis. With 20 million barrels of Russian crude unlocked and oil prices dropping 12%, the move protects India from inflation while maintaining economic stability. This demonstrates effective energy diplomacy that prioritizes national interests over ideological posturing.

The 30-day waiver represents a strategic diplomatic victory that secures India's energy needs during a global crisis. With 20 million barrels of Russian crude unlocked and oil prices dropping 12%, the move protects India from inflation while maintaining economic stability. This demonstrates effective energy diplomacy that prioritizes national interests over ideological posturing.

The waiver exposes a humiliating surrender of India's sovereignty and strategic autonomy on the global stage. Requiring American permission to purchase oil reduces India to a subordinate state rather than an equal partner in international affairs. This normalization of dependence marks an unprecedented erosion of independent foreign policy.

The waiver exposes a humiliating surrender of India's sovereignty and strategic autonomy on the global stage. Requiring American permission to purchase oil reduces India to a subordinate state rather than an equal partner in international affairs. This normalization of dependence marks an unprecedented erosion of independent foreign policy.

Rajdeep Sardesai

M K Venu

Mallikarjun Kharge

The Russia-Ukraine War

The US-Iran Conflict

US Grants India 30-Day Waiver to Buy Russian Oil

India

Iran

Oil & gasoline

Russia

United States of America

The 30-day waiver is a strategic diplomatic victory that secures India's energy needs during a global crisis. With 20 million barrels of Russian crude unlocked and oil prices dropping 12%, the move protects India from inflation while maintaining economic stability. This demonstrates effective energy diplomacy that prioritizes national interests over ideological posturing.

The 30-day waiver is a strategic diplomatic victory that secures India's energy needs during a global crisis. With 20 million barrels of Russian crude unlocked and oil prices dropping 12%, the move protects India from inflation while maintaining economic stability. This demonstrates effective energy diplomacy that prioritizes national interests over ideological posturing.

There's a 74% chance that if World War 3 happens before 2060, the U.S. and India will be on the same side, according to the Metaculus prediction community.

There's a 74% chance that if World War 3 happens before 2060, the U.S. and India will be on the same side, according to the Metaculus prediction community.

US Grants India 30-Day Waiver to Buy Russian Oil

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