New Delhi, Mar 6, 2026 — The United States has issued a limited 30-day waiver allowing Indian refiners to purchase Russian crude that is currently stranded at sea, a step intended to ease strain on global energy supplies as tensions escalate in West Asia. The measure was announced on X by US Treasury Secretary Scott Bessent.
Bessent described the waiver as narrowly tailored and temporary, saying it applies only to oil already stalled offshore and therefore “will not deliver meaningful financial benefit to the Russian government.” He framed the move as a stabilising, short-term fix to keep oil moving in global markets while the region deals with conflict and supply uncertainty. He also linked the decision to broader US energy policy and said he expects India to raise purchases of US crude over time.
Calling India “an essential partner of the United States,” Bessent said the waiver gives New Delhi time to adjust its fuel sourcing. He accused Iran of attempting to exploit the crisis to influence global energy flows and characterised the waiver as a stop-gap to relieve pressure caused by those attempts.
India relies on imports for about 88% of its crude oil and roughly half its natural gas, sourcing large volumes from Iraq, Saudi Arabia, the UAE and Kuwait. Much of that trade passes through the Strait of Hormuz; Iran’s recent moves to disrupt transit raised alarm about supply security for major importers.
Indian officials have indicated they may diversify supplies in response, including increasing purchases from Russia and other non-Gulf suppliers as they have during past disruptions. The US waiver seeks to prevent immediate market dislocation while giving governments and buyers time to recalibrate.
