US Grants Temporary Waiver for Indian Refiners to Buy Russian Oil Amid Iran Tensions
US Issues 30-Day Waiver for Indian Oil Purchases
New York/Washington: In light of rising tensions with Iran, the United States has announced a temporary waiver lasting 30 days, permitting Indian refiners to acquire Russian oil.
Treasury Secretary Scott Bessent stated on Thursday, "The energy policies under President Trump have led to unprecedented levels of oil and gas production. To ensure a steady flow of oil into the global market, we are issuing a temporary waiver for Indian refiners to buy Russian oil."
He emphasized that this "short-term measure" is not expected to significantly benefit the Russian government, as it only applies to oil that is currently stranded at sea.
Bessent remarked, "India is a crucial ally for the United States, and we expect New Delhi to increase its purchases of American oil. This temporary measure will help mitigate the pressures caused by Iran's attempts to control global energy supplies," in a post shared on X.
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
Previously, President Trump had imposed a 25% tariff on India for its purchases of Russian oil, arguing that these transactions were aiding Russia's military actions in Ukraine.
In a recent development, the US and India reached a framework for an Interim Trade Agreement, leading Trump to revoke the 25% tariffs, acknowledging India's commitment to cease energy imports from Russia and to boost purchases of US energy products.
A statement from the Treasury Department titled 'Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Russian Federation Origin Loaded on Vessels as of March 5, 2026 to India' indicated that "all transactions prohibited... that are ordinarily incident and necessary to the sale, delivery, or offloading of crude oil or petroleum products of Russian Federation origin loaded on any vessel, including vessels blocked under the above listed authorities, on or before 12:01 a.m. eastern standard time, March 5, 2026 are authorized through 12:01 a.m. eastern daylight time, April 4, 2026, provided that the delivery or offloading of such crude oil or petroleum products occurs at a port" in India and that the purchaser is an entity organized under Indian law.
The general license issued by the Treasury Department clarifies that it does not permit any other transactions or activities prohibited by any other Executive order, including those involving Iran or Iranian-origin goods or services that are restricted by the Iranian Transactions and Sanctions Regulations.