India gets 30-day waiver from US to buy Russian oil amid Iran war

India received a temporary extension on Friday to buy Russian oil, thanks to a 30-day waiver from the US. US Treasury Secretary Scott Bessent announced the waiver, which allows Indian refiners to purchase Russian oil. The Treasury Department's Office of Foreign Assets Control issued a license that permits "the delivery and sale of crude oil and petroleum products of Russian Federation origin loaded on vessels as of March 5, 2026, to India," according to a statement from the Treasury. These transactions, even from vessels affected by various sanctions, can occur until the end of April 3, 2026. This decision aims to help stabilize global energy markets during rising tensions in the Middle East. Bessent emphasized the strong relationship between the US and India, calling India an "essential partner." He noted on X that President Trump's energy policy has led to record levels of oil and gas production. The Treasury's temporary waiver is meant to keep oil flowing into the global market without providing much financial gain to the Russian government, as it only allows transactions for oil already stuck at sea. Bessent also mentioned that India is expected to increase its purchases of US oil, and this temporary measure will ease pressures caused by Iran's attempts to disrupt global energy supplies. Last November, President Trump imposed sanctions on Russian oil companies Lukoil and Rosneft in response to Russia's invasion of Ukraine. In January, India's imports of Russian crude dropped to around 1.1 million barrels per day, the lowest level since November 2022, as New Delhi sought relief from US tariffs, reducing Moscow's share of oil imports to 21.2%. However, that share rose to about 30% in February. Oil production has faced setbacks in the Middle East due to strikes on major oilfields, worsened by Iran's blockade of the Strait of Hormuz, a vital route for 20% of the world's oil supplies, impacting countries like Sri Lanka.