The United States has allowed India to buy Russian oil for a short period as concerns grow about supply disruptions linked to the Middle East conflict, according to Reuters.
Indian refiners have begun buying millions of barrels of Russian crude for quick delivery after Washington issued a temporary waiver allowing purchases of cargoes already stuck at sea. The move comes after months of pressure from the US on New Delhi to cut imports of Russian oil following the Russian invasion of Ukraine.
What is the 30-day emergency waiver?
The US Treasury Department said the measure will last for 30 days and is aimed at keeping oil supplies flowing in the global market.
US Treasury Secretary Scott Bessent said in a statement and in a post on X that the decision was temporary.
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.…
— Treasury Secretary Scott Bessent (@SecScottBessent) March 6, 2026
“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 added that the move would not bring major gains for Moscow.
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“This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorises transactions involving oil already stranded at sea,” he said.
Bessent described the step as a stopgap measure, while Washington expects India to eventually buy more oil from the United States.
Why has India been given the waiver?
The country imports about 40% of its crude oil from the Middle East through the Strait of Hormuz, according to Reuters.
India’s crude reserves cover about 25 days of demand, making it sensitive to supply shocks during regional conflicts.
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A source told Reuters that India approached the administration of US President Donald Trump seeking approval to buy Russian oil due to concerns linked to the conflict involving Iran.
India had earlier reduced purchases of Russian oil this year after pressure from Washington and as part of efforts to avoid US tariffs and secure an interim trade deal.
What are Indian refiners doing now?
State-run refiners such as Indian Oil Corporation, Bharat Petroleum, Hindustan Petroleum and Mangalore Refinery and Petrochemicals Limited are in talks with traders for prompt delivery of Russian crude, Reuters reported.
One source said Indian state refiners have already bought around 20 million barrels from traders.
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Russian Urals crude is now being sold to Indian buyers at a premium of $4–$5 per barrel above Brent prices for delivery in March and early April, sources said. This compares with a discount of about $13 per barrel offered in February.
A trader involved in the sales said supply availability has become the main concern.
“Indian refiners are back in the market… nowadays more than prices, availability of molecules is the issue,” the trader told Reuters.
The source also said Reliance Industries had approached traders to buy prompt Russian cargoes.
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When will the oil arrive?
According to Reuters sources, the cargoes bought under the waiver are expected to reach Indian ports in March and early April.
Some refiners have also started using Russian oil stored on vessels near India’s coast to offset reduced supplies from the Middle East, Reuters reported.
India’s oil and foreign ministries did not respond to requests for comment, while the White House and the US Treasury Department also did not immediately reply, Reuters said.