India Gets 30-Day US Waiver to Purchase Russian Oil Amid Iran War

India has received a temporary boost to its energy security after the United States granted a 30-day waiver allowing Indian refiners to purchase Russian oil, even as tensions in the Middle East continue to disrupt global supplies.

The waiver was announced by US Treasury Secretary Scott Bessent, with the Treasury Department’s Office of Foreign Assets Control issuing a Russia-related licence that permits the delivery and sale of Russian crude and petroleum products already loaded on vessels as of March 5, 2026, to India. According to the statement, such transactions—including those involving ships affected by various sanctions—will be allowed until April 3, 2026.

The decision comes as the US administration attempts to stabilise global energy markets amid the escalating conflict between the US, Israel, and Iran, which has pushed oil prices sharply higher.

Oil production across parts of the Middle East has been disrupted by strikes on key Gulf oilfields. The situation has worsened after Iran blocked the Strait of Hormuz, a critical maritime chokepoint through which nearly 20% of the world’s oil supply passes.

Emphasising the importance of the bilateral relationship, Bessent described India as an “essential partner” of the United States. In a post on X, he said the waiver is a short-term measure aimed at ensuring oil continues flowing into global markets.

He also noted that the waiver will not significantly benefit Russia financially, as it only applies to oil shipments that were already stranded at sea due to sanctions.

The US has expressed hope that India will increase imports of American oil in the future, while the temporary exemption is expected to ease pressure created by Iran’s actions in the global energy market.