U.S. grants India 30-day waiver to purchase Russian oil amid Iran conflict

The United States says it will allow India to continue purchasing Russian oil for 30 days as global energy markets face pressure during the ongoing conflict involving Iran.

According to the U.S. Department of the Treasury, the temporary waiver is intended to help maintain stability in global oil supply while shipments already in transit are completed. U.S. Treasury Secretary Scott Bessent said Thursday the decision was made to prevent disruptions in the international oil market.

Bessent said the measure applies only to oil cargoes that are already moving through maritime routes and would otherwise be stranded due to sanctions restrictions. He added the arrangement is limited in scope and is not expected to provide significant economic benefit to Russia.

U.S. officials described India as an important strategic partner and said Washington expects New Delhi to increase purchases of American energy in the future.

Earlier tensions over India’s purchase of Russian crude had prompted the United States to impose a 25 per cent tariff on certain Indian imports. According to U.S. officials, that tariff was removed last month following an interim trade understanding between the two countries.