India gets 30-day US waiver to buy Russian oil as Middle East crisis roils global energy markets

2026-03-06 - 08:15

India has received a temporary boost to its energy security after the United States granted a short-term waiver allowing Indian refiners to purchase Russian crude oil. According to the United States Department of the Treasury, its sanctions enforcement arm, the Office of Foreign Assets Control, issued a special license permitting the delivery and sale of crude oil and petroleum products originating from Russia that had already been loaded onto vessels as of March 5, 2026, for shipment to India. The authorization will remain valid until April 3, 2026, allowing Indian companies to complete transactions — including those involving vessels affected by existing sanctions — within the 30-day window, NDTV reports. The decision was announced by US Treasury Secretary Scott Bessent, who said the move is intended to help stabilize global energy markets at a time of rising geopolitical tensions across the Middle East. In a statement posted on social media, Bessent said the temporary waiver is designed to ensure oil continues to flow into global markets while limiting financial gains for Moscow. He noted that the measure mainly applies to oil shipments that are already stranded at sea. Bessent also highlighted the importance of the strategic partnership between Washington and New Delhi, describing India as an “essential partner” of the United States. He added that Washington expects India to increase its purchases of American oil in the future. The waiver comes amid heightened volatility in global energy markets following escalating conflict involving Iran and its regional rivals. Oil supplies in the Gulf have been disrupted after strikes targeted key facilities, including the Ras Tanura Refinery and the Rumaila Oil Field. The crisis has intensified after Tehran imposed a blockade on the Strait of Hormuz, a critical maritime chokepoint through which nearly one-fifth of the world’s oil supply normally passes. As tensions mount, global crude prices have surged. Brent Crude climbed to around $83 per barrel, reflecting market concerns over supply disruptions in the region. Despite the spike in global oil prices, officials in India have indicated that there are currently no plans to raise domestic petrol or diesel prices. Meanwhile, analysts say the US waiver could help Indian refiners manage short-term supply challenges while broader geopolitical tensions continue to unfold.