US Allows India to Buy Russian Oil for 30 Days amid Gulf Crisis

The United States has granted India a 30-day waiver allowing its refiners to purchase Russian oil, amid concerns over disruptions to global shipping routes caused by rising tensions in the Gulf region.

According to the United States Department of the Treasury, the temporary waiver aims to help maintain oil supply in the global market as shipping routes through the Strait of Hormuz face uncertainty due to the ongoing crisis in West Asia.

US Treasury Secretary Scott Bessent said the decision would allow Indian refiners to purchase Russian oil already stranded at sea. He described the waiver as a short-term measure that would not significantly benefit the Russian government.

Bessent also noted that India remains an important partner of the United States and expressed hope that New Delhi would increase imports of American oil in the future.

The waiver comes at a time when tensions in the Middle East have escalated following joint military strikes by the United States Armed Forces and the Israel Defense Forces on Iranian targets on February 28, an operation that resulted in the death of Iran’s Supreme Leader Ali Khamenei and several senior officials.

India imports nearly 40 percent of its crude oil from the Gulf region, much of which passes through the Strait of Hormuz, one of the world’s most critical energy shipping routes.

Sources said the Indian government is closely monitoring the situation and reviewing its energy supply status twice a day. Officials indicated that the country currently has adequate stock of crude oil and that supplies of LPG and LNG remain stable.

India is also in contact with alternative suppliers and continues to import Russian crude under existing contracts. Authorities said the government is keeping a close watch on developments in the global energy market to ensure uninterrupted fuel supplies for the country.

Also Read: US-Iran War: Hormuz Oil Risk Keeps India’s Fuel Prices On Edge