Washington, D.C. — March 6, 2026
The United States has granted India a temporary 30-day waiver allowing the purchase of Russian oil currently stranded at sea, offering relief to New Delhi as it navigates uncertainty in global energy markets.
The decision, announced by U.S. Treasury Secretary Scott Bessent, is intended to help stabilize oil supplies worldwide while maintaining pressure on Russia amid the ongoing geopolitical tensions linked to the Ukraine war.
US Treasury Announces Temporary Oil Purchase Waiver
In a statement shared on social media Thursday, Treasury Secretary Scott Bessent said the United States approved a limited waiver permitting Indian refiners to purchase specific Russian crude shipments that are already in transit.
According to the Treasury Department, the exemption applies only to cargoes that are already at sea, preventing disruptions in the global oil supply chain.
Bessent emphasized that the measure is intentionally short-term, designed to ensure energy market stability while preventing significant financial gains for the Russian government.
Indian Refiners Allowed to Buy Oil Already in Transit
Under the temporary arrangement, Indian refineries can acquire Russian crude oil shipments that had already been loaded and were stranded during evolving sanctions restrictions.
Officials clarified that the waiver does not authorize new purchases of Russian oil beyond those cargoes currently in transit.
The move comes as energy markets remain sensitive to supply disruptions caused by geopolitical conflicts and sanctions.
Energy Market Pressures Linked to Middle East Tensions
Bessent described the waiver as a temporary measure aimed at easing pressure in the global energy market, particularly amid supply concerns tied to tensions in the Middle East.
The decision also reflects broader efforts by Washington to maintain stable oil prices and avoid sudden supply shocks that could affect global economies.
At the same time, the United States hopes that India may increase its imports of American crude oil in the future, according to officials familiar with the policy discussions.
Indian Companies Reportedly Buying Russian Cargoes
According to a report by Reuters, Indian refineries are actively purchasing Russian crude shipments for immediate delivery to address supply uncertainties.
Sources familiar with the matter said that several Indian companies are negotiating deals involving millions of barrels of Russian oil, seeking to secure reliable energy supplies during a period of volatility.
Pressure on India to Reduce Russian Oil Imports
The announcement comes after months of diplomatic pressure from Washington urging New Delhi to reduce its purchases of Russian oil.
U.S. officials have argued that limiting Russia’s oil revenues could reduce the financial resources available to Moscow during the ongoing Ukraine conflict.
Despite this pressure, India has maintained that its energy purchases are guided by national energy security needs and market conditions.
