US Grants India Temporary Waiver for Russian Oil Purchases
The United States has issued a 30-day waiver allowing Indian refiners to purchase Russian oil stranded at sea. This decision aims to stabilise global crude prices amid disruptions caused by the conflict in West Asia. US energy secretary Chris Wright stated that large volumes of Russian crude are currently stored in tankers around southern Asia. Indian refiners have already begun acquiring approximately 20 million barrels of this oil. The waiver permits transactions for crude loaded before March 5, 2026, with deliveries allowed until April 4, 2026. The move comes as nearly 40-50% of India's crude imports typically pass through the Strait of Hormuz, which is facing supply constraints. India currently holds reserves covering about 25 days of crude demand and has been importing around one million barrels of Russian oil daily in recent months.
Published 23 hours ago • 06 Mar 2026, 06:53 AM IST