US Grants 30-Day Waiver for Indian Russian Oil Buys

The United States Treasury Department announced a temporary 30-day waiver on March 6, 2026, allowing Indian refiners to purchase Russian crude oil shipments already stranded at sea, as global energy markets face disruptions from escalating conflict in the Middle East.

Treasury Secretary Scott Bessent detailed the measure in a statement posted on social media, stating it aims "to enable oil to keep flowing into the global market" amid tensions that have threatened supply chains. The waiver, issued by the Treasury's Office of Foreign Assets Control, authorizes transactions for oil loaded on vessels as of March 5, 2026, and remains in effect until April 3, 2026. Bessent described it as a "deliberately short-term measure" limited to existing cargoes, ensuring it provides no significant financial benefit to the Russian government. He added that the step would "alleviate pressure caused by Iran's attempt to take global energy hostage," referring to actions disrupting shipments through key routes.

India, which imports nearly all its crude oil needs, has become particularly vulnerable to these supply shocks. About 40 percent of its imports pass through the Strait of Hormuz, a critical...