US grants 30-day waiver for India to buy Russian oil amid supply fears

2026-03-06 - 08:42

The United States issued a temporary 30-day waiver Thursday permitting Indian refiners to purchase Russian oil, Treasury Secretary Scott Bessent announced, describing the measure as necessary to maintain global energy supplies amid escalating regional conflict. In a statement on social media platform X, Bessent said the waiver was designed to ensure that oil continues to reach global markets following disruptions caused by the US-Israeli campaign against Iran and Tehran's retaliatory actions. Limited, short-term measure Bessent emphasized that the waiver was "intentionally short-term" and limited to transactions involving shipments already stranded at sea, meaning it would not provide significant financial benefit to the Russian government. He framed the decision within President Donald Trump's broader energy agenda, noting that "oil and gas production reaching the highest levels ever recorded" has strengthened US market position. India as strategic partner Describing India as a key US partner, Bessent expressed Washington's expectation that New Delhi will increase purchases of American crude. "We fully anticipate that New Delhi will ramp up purchases of US oil," he stated. The Treasury chief added that "this stop-gap measure will alleviate pressure caused by Iran's attempt to take global energy hostage." Hormuz disruption context The waiver comes as tensions in the Middle East have severely disrupted shipping through the Strait of Hormuz, a vital corridor for global energy trade. Traffic through the strait slowed sharply after US and Israeli attacks on Iran began Saturday, killing more than 900 people including Supreme Leader Ayatollah Ali Khamenei, and Tehran's retaliatory strikes targeting Gulf states. The disruptions have contributed to rising oil prices and mounting concerns over supply reliability, prompting Washington to seek alternative measures to stabilize markets.