US Grants 30-Day Waiver For Indian Refiners To Buy Russian Oil

NEW YORK/WASHINGTON, Mar 6: The United States has issued a temporary 30-day waiver allowing Indian refiners to purchase Russian oil to ensure stability in global energy supplies amid the escalating conflict involving Iran.

Announcing the decision on Thursday, US Treasury Secretary Scott Bessent said the waiver was aimed at keeping oil flowing into the global market as tensions threaten supply chains.

“President Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded. To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil,” Bessent said.

He described the step as a “deliberately short-term measure,” adding that it would not provide significant financial benefit to Russia since it only covers oil already stranded at sea.

“India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of U.S. oil. This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage,” Bessent said in a post on X.

Earlier, US President Donald Trump had imposed 25 per cent punitive tariffs on India over its purchase of Russian oil, with Washington asserting that such imports were indirectly supporting Russia’s war in Ukraine.

However, last month the US and India reached a framework for an Interim Trade Agreement, following which Trump issued an Executive Order removing the 25 per cent tariffs after India committed to reduce energy imports from Moscow and increase purchases of American energy products.

A statement from the US Treasury Department titled “Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Russian Federation Origin Loaded on Vessels as of March 5, 2026 to India” said transactions related to the sale, delivery or offloading of Russian-origin crude oil loaded on vessels before 12:01 a.m. EST on March 5, 2026 will be authorised until 12:01 a.m. EDT on April 4, 2026.

The order clarified that the crude oil or petroleum products must be delivered or offloaded at Indian ports and purchased by entities organised under Indian law.

The Treasury Department further stated that the general license does not permit any other transactions prohibited under existing Executive Orders, including dealings involving Iran, the Government of Iran, or Iranian-origin goods or services barred under the Iranian Transactions and Sanctions Regulations. (Agencies)