New Delhi: India has received a temporary 30-day waiver from the United States allowing its refiners to continue purchasing Russian crude oil, as global energy markets face disruption due to the escalating conflict in West Asia and supply constraints in the Gulf region.
The announcement was made by US Treasury Secretary Scott Bessent, with the Treasury Department’s Office of Foreign Assets Control issuing a licence permitting the delivery and sale of Russian-origin crude and petroleum products already loaded on vessels as of March 5, 2026 for shipment to India.
According to the US Treasury, the authorization will remain valid until April 3, 2026, and applies even to shipments involving vessels affected by existing sanctions regimes. The move is aimed at preventing further volatility in global energy markets at a time when oil supplies are under pressure.
Bessent described India as an “essential partner” of the United States and said the short-term measure was designed to ensure continued oil flows into global markets. In a message posted on X, he said the waiver would allow Indian refiners to purchase Russian oil already stranded at sea and was unlikely to significantly benefit the Russian government.
On Thursday, Russian Ambassador to India Denis Alipov said that Moscow was open to supply crude oil to India given the energy security situation that has emerged due to the instability in the region.
“We have been open to supplying crude oil to India,” Alipov told reporters, responding to questions on Russian crude in the context of the ongoing conflict in the region.
The 30-day waiver to India to buy Russian crude comes as the US seeks to stabilise energy supplies following disruptions linked to the ongoing US-Israel conflict with Iran and the blockade of the Strait of Hormuz. The narrow maritime passage is a critical global chokepoint through which nearly 20 per cent of the world’s oil supply is transported.
Oil production in parts of the Middle East has also been affected by recent strikes on major energy facilities. Among the installations reportedly impacted are Saudi Aramco’s Ras Tanura refinery and Iraq’s Rumaila oil field, both key components of global crude supply.
Washington had imposed sanctions last November on major Russian oil companies such as Lukoil and Rosneft as part of pressure on Moscow over the Ukraine conflict. As a result, India’s imports of Russian crude had declined to around 1.1 million barrels per day in January, the lowest level since late 2022, before recovering in February.
The latest tensions in the Gulf have also pushed up international oil prices. Brent crude rose to around $83 per barrel on Friday amid concerns over supply disruptions linked to the closure of the Strait of Hormuz.
Despite the rise in global crude prices, government sources have indicated that there are currently no plans to increase petrol or diesel prices in India.
