New Delhi, Updated At: 11:01 AM Mar 06, 2026 IST
Amid rising tensions in West Asia, the United States has issued a temporary 30-day waiver allowing Indian refiners to purchase Russian crude oil that is currently stranded at sea. The move, announced by US Treasury Secretary Scott Bessent on X, aims to prevent disruption in global energy markets while the region faces conflict and supply uncertainty.
Bessent said the waiver is deliberately short-term and narrowly targeted so it “will not deliver meaningful financial benefit to the Russian government,” as it only authorises transactions involving oil already stranded at sea. He framed the measure as a stabilising step to keep oil flowing into the global market, linking it to the US energy agenda that has increased domestic oil and gas production.
Describing India as “an essential partner of the United States,” Bessent added that the waiver provides time for New Delhi to recalibrate its energy sourcing and said he expects India to increase purchases of US oil. He also accused Iran of trying to leverage the crisis to influence global energy flows, calling the action “a stop-gap measure” to alleviate pressure caused by Iran’s attempts to take global energy hostage.
India imports about 88 percent of its crude and roughly half its natural gas, with a large share coming from Iraq, Saudi Arabia, the UAE and Kuwait. Much of this supply transits the Strait of Hormuz, which Iran recently moved to shut amid the conflict, raising concerns over supplies to major importers. Indian officials had signalled last week that New Delhi could recalibrate procurement by increasing purchases from alternative suppliers, including Russia and non-Gulf producers, as done during earlier crises.
