US Gives India 30-Day Relief on Russian Oil Purchases Amid Rising Global Energy Tensions

New Delhi | 6 March 2026 The United States has announced a 30-day temporary waiver allowing Indian refineries to continue purchasing Russian oil, as global energy markets face uncertainty due to the growing conflict involving Iran and the US-Israel alliance in the Gulf region. The move comes amid fears that the ongoing tensions could trigger a sharp rise in global fuel prices. The announcement was made by US Treasury Secretary Scott Bessent, who said the waiver is only a short-term measure to ease pressure on global energy supplies. Bessent clarified on X that the exemption would not significantly benefit Moscow because “as it only authorizes transactions involving oil already stranded at sea”. According to reports, around 9.5 million barrels of Russian oil were sitting in Asian waters last week. The waiver applies only to shipments that were loaded onto vessels before March 5 and will remain valid until April 4 at 12:01 a.m. Washington time. Explaining the decision, the US treasury secretary said the waiver was granted to reduce pressure on global markets as Iran attempts to “take global energy hostage”. He also described India as “an essential partner of the United States” and expressed confidence that New Delhi may increase imports of American oil in the future. The decision comes at a time when tensions in West Asia have raised concerns about supply disruptions. The situation intensified after Iran reportedly claimed to have closed the Strait of Hormuz, a key route for global oil shipments located between Iran and Oman. Nearly 20 percent of the world’s oil and gas supply moves through this strategic passage, making any disruption a major concern for the global economy. However, India has assured that its energy security remains stable for now. Union Minister Hardeep Singh Puri informed the Rajya Sabha that the country’s strategic petroleum reserves can meet demand for about 74 days during global disruptions. Questions have also emerged over whether India has reduced its purchase of Russian crude. The US earlier suggested that India had committed to limiting such imports, but Indian officials have not confirmed this claim. Meanwhile, Russia has rejected reports of any decline in oil trade with India. Russian Foreign Ministry spokesperson Maria Zakharova said, “India’s purchase of Russian hydrocarbons benefits both countries and helps maintain stability in the international energy market.” The discussion over oil trade comes as Washington recently reduced tariffs on imports from India to 18 percent, reflecting continued economic engagement between the two countries despite global geopolitical challenges. US Grants India Temporary Waiver to Continue Russian Oil Purchases The United States has granted India a 30-day temporary waiver allowing Indian refineries to continue purchasing Russian oil amid rising global energy concerns. The decision comes as tensions linked to the Iran and US-Israel conflict in the Gulf region have raised fears of disruptions in oil supply and a possible increase in global fuel prices. US Treasury Secretary Scott Bessent announced the move and clarified that the exemption would not significantly benefit Russia because “as it only authorizes transactions involving oil already stranded at sea”. Reports indicate that around 9.5 million barrels of Russian oil were present in Asian waters last week. The waiver applies only to shipments loaded before March 5 and will remain valid until April 4 at 12:01 a.m. Washington time. Bessent also stated that the step was taken to reduce pressure on global energy markets, accusing Iran of attempting to “take global energy hostage”. He described India as “an essential partner of the United States” and expressed hope that India may increase purchases of American oil in the future. Meanwhile, India has reassured that its energy security remains stable. Union Minister Hardeep Singh Puri informed the Rajya Sabha that the country’s strategic petroleum reserves can meet national demand for about 74 days in case of global supply disruptions.