India Gets 30-Day Waiver From US To Buy Russian Oil Amid Iran War

New Delhi/Washington, March 6: India’s access to crucial energy supplies received a temporary boost on Friday after US Treasury Secretary Scott Bessent announced a 30-day waiver allowing Indian refiners to purchase Russian oil.

The Treasury Department’s Office of Foreign Assets Control issued a Russia-related licence “Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Russian Federation Origin Loaded on Vessels as of March 5, 2026 to India,” the Treasury said in a statement.

It said the transactions, including from vessels blocked by various sanctions regimes, are authorized through the end of the day on April 3, 2026.

The move comes as the administration seeks to stabilise global energy markets amid rising tensions in the Middle East.

Highlighting the importance of the bilateral relationship, Secretary Bessent described India as an “essential partner” of the United States.

In a post on X, he wrote, “President Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded. To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil. 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.”

The post added, “India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of US oil. This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage.”