US Waiver on Russian Crude Aims to Stabilize Oil Prices Amid Ongoing Conflict

The US has introduced a waiver permitting the purchase of Russian crude oil, releasing millions of barrels currently at sea. This strategic move aims to stabilize skyrocketing oil prices, which have exceeded $100 per barrel due to the ongoing conflict in Iran. With India and China being the primary buyers of Russian oil, this waiver is expected to redirect shipments to meet global demand. The announcement comes as tensions escalate in the region, particularly with Iran's threats to close the Strait of Hormuz, a vital route for oil exports. This article explores the implications of the waiver on the global oil market and the potential impact on prices.

By Narendra Chaudhary Mar 13, 2026, 15:21 IST

Impact of US Waiver on Russian Oil Imports

New Delhi, March 13: The recent waiver from the US permitting the purchase of Russian crude oil has released approximately 20 million barrels currently on ships, which is anticipated to help lower the soaring oil prices that have surpassed $100 per barrel globally due to the ongoing conflict in Iran.

At present, around 25 vessels are transporting Russian crude, alongside five others carrying petroleum products. These shipments can be redirected to meet demand in various markets.

This temporary waiver is in addition to a previous 30-day exemption granted by the Trump administration, allowing Indian refiners to acquire Russian oil, aimed at increasing crude availability and stabilizing prices.

India and China have emerged as the primary purchasers of Russian crude, playing a crucial role in regulating global oil prices as both nations rank among the largest oil importers.

On Thursday, the Trump administration issued a new license enabling countries to temporarily buy specific Russian oil products.

According to Treasury Secretary Scott Bessent, this measure is designed to enhance the global supply of oil, allowing nations to purchase Russian oil that is currently stranded at sea.

“This targeted, short-term authorization applies solely to oil already in transit and is not expected to yield significant financial gains for the Russian government, which primarily benefits from taxes levied at the extraction point,” he stated on social media.

The license, available on the US Treasury website, pertains only to Russian crude or petroleum products loaded onto vessels as of March 12, and is valid until April 11.

This announcement coincides with Iran's new leadership declaring intentions to close the Strait of Hormuz, a critical passage for 20% of the world's oil exports.

The conflict in Iran has now progressed into its second week, marked by escalating missile strikes and attacks targeting oil infrastructure and commercial vessels in the Middle East.