India Secures 30-Day US Waiver to Buy Russian Oil Amid Middle East Crisis

The United States has granted a temporary waiver to India, allowing Indian refiners to purchase Russian crude oil for the next 30 days. This decision comes as the Middle East region faces escalating geopolitical tensions, which have disrupted global energy markets.

According to the US Department of the Treasury, the Office of Foreign Assets Control has issued a special license permitting the delivery and sale of Russian crude oil and petroleum products that were already loaded onto vessels as of March 5, 2026, for shipment to India. This authorization will remain valid until April 3, 2026, enabling Indian companies to complete their transactions within the 30-day window.

US Treasury Secretary Scott Bessent stated that the temporary waiver is intended to help stabilize global energy markets during this period of rising tensions in the Middle East. He also emphasized the strategic partnership between the United States and India, describing the latter as an “essential partner” and expressing the expectation that India will increase its purchases of American oil in the future.

The crisis in the Middle East has been exacerbated by the escalating conflict involving Iran and its regional rivals. Oil supplies in the Gulf have been disrupted after strikes targeted key facilities, including the Ras Tanura Refinery and the Rumaila Oil Field. Additionally, Tehran has imposed a blockade on the Strait of Hormuz, a critical maritime chokepoint through which nearly one-fifth of the world’s oil supply normally passes.

As a result of these disruptions, global crude prices have surged, with Brent Crude climbing to around $83 per barrel. However, officials in India have indicated that there are currently no plans to raise domestic petrol or diesel prices. The US waiver could help Indian refiners manage short-term supply challenges while the broader geopolitical tensions continue to unfold.

Source: Times of Kuwait