India Gets 30-Day Waiver From US To Buy Russian Oil As Shipping Crisis Continues Amid Iran War

US Treasury Secretary Scott Bessent said the 30-day waiver was aimed at ensuring stability in global energy supplies amid Gulf shipping disruptions after a US-Israel strike in Iran.

The US has granted India a 30-day waiver to continue purchasing Russian oil amid the ongoing Iran conflict.

Source : ANI

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Key points generated by AI, verified by newsroom

• US grants India 30-day waiver for Russian oil purchases.
• Waiver aims to stabilize global energy amid shipping disruptions.
• Measure allows transactions for oil already at sea.
• India continues diversifying energy sources and monitoring markets.

The United States on Thursday (local time) granted India a 30-day waiver to continue purchasing Russian oil, as the ongoing crisis in the Gulf has significantly disrupted shipping routes passing through the Strait of Hormuz.

US Treasury Secretary Scott Bessent said the temporary measure was aimed at ensuring stability in global energy supplies. “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," he said.

"This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving 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 added.

The waiver comes as India faces possible energy supply disruptions in the Middle East amid escalating tensions in West Asia. The situation intensified after a joint US-Israel military strike on February 28 in Iran that killed Ali Khamenei along with other senior leaders.

India imports nearly 40 per cent of its crude oil from the region, with a large share transported through the strategically crucial Strait of Hormuz. According to ANI, the Indian government is reviewing the country’s energy situation twice daily and remains confident about its energy security.

Officials said current stock levels are adequate and are being replenished regularly. There is also no global shortage of LPG, LNG, or crude oil, the report added.

India is also in contact with other suppliers to ensure steady supplies. Authorities are closely tracking developments in the region but believe the country is well-positioned to handle potential supply disruptions due to sufficient inventories and diversified sourcing.

India continues to import Russian crude under existing contracts, while the government is keeping a close watch on global energy markets to ensure uninterrupted energy supplies.

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