Washington DC [US], March 6 (ANI): With the crisis in the Gulf severely hampering shipping routes that pass through the Strait of Hormuz, the United States on Thursday (local time) allowed a 30-day waiver for India to purchase Russian oil to meet its energy requirements.
US Treasury Secretary Scott Bessent said the temporary waiver is intended to keep oil flowing into the global market. He said the short-term measure authorises transactions involving oil already stranded at sea and is not meant to provide significant financial benefit to the Russian government. Bessent added that India is an essential US partner and the administration expects New Delhi to increase purchases of US oil, calling the waiver a stop-gap to alleviate pressure caused by Iran’s attempt to take global energy hostage.
The waiver arrives amid concerns over energy supply disruptions in the Middle East after a joint US-Israel military strike on February 28 on Iranian territory that resulted in the death of its Supreme Leader, Ayatollah Ali Khamenei, and other senior figures. India sources nearly 40 percent of its oil imports from the region, with a large share transported through the strategically important Strait of Hormuz.
Sources say India is reviewing its energy situation twice daily and is in a comfortable position regarding energy security. Current stock levels are being replenished daily, and there is no shortage of LPG, LNG or crude oil globally, according to the sources. India is also in touch with other suppliers and is closely monitoring developments, but is well-prepared to manage potential supply-side challenges thanks to adequate inventories and diversified sourcing.
India continues to import Russian crude as per previous contracts, and the government is keeping a close watch on the global energy market to ensure uninterrupted supplies for the country. (ANI)
(Updated At : 07:05 AM Mar 06, 2026 IST)
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