The USA reprieve comes as geopolitical tensions in the Middle East disrupt supply chains and push oil prices higher worldwide. US officials say the short-term license will prevent market shocks while ensuring the move does not significantly benefit Russia financially.
BY PC Bureau
New Delhi: March 6: Amid growing volatility in global energy markets, India received temporary relief on Friday after the United States granted a short-term waiver allowing Indian refiners to continue purchasing Russian oil.
The decision was announced by Scott Bessent, who said the measure is intended to prevent disruptions in global oil supply while geopolitical tensions intensify in the Middle East.
According to a statement from the U.S. Department of the Treasury, its sanctions enforcement arm, the Office of Foreign Assets Control (OFAC), issued a Russia-related license authorizing the delivery and sale of crude oil and petroleum products of Russian origin that were already loaded on vessels as of March 5, 2026.
The authorization allows such transactions — including those involving vessels affected by various sanctions regimes — to continue until the end of the day on April 3, 2026.
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The waiver comes as the administration of Donald Trump attempts to stabilize global energy markets amid rising tensions in the Middle East and disruptions to oil supplies.
BIG BREAKING: US ISSUES 30-DAY WAIVER ALLOWING INDIA TO CONTINUE BUYING RUSSIAN OIL – Scott Bessent, “… 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… India… pic.twitter.com/jSLx6Fy7z1
— Griha Atul (@GrihaAtul) March 6, 2026
Highlighting the importance of ties between Washington and New Delhi, Bessent described India as an “essential partner” of the United States.
In a post on X, he said the temporary waiver would ensure oil continues flowing into global markets while limiting financial benefits to Russia.
“This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea,” Bessent wrote.
He added that the United States expects India to gradually increase purchases of American oil.
Earlier sanctions imposed by Washington targeted major Russian oil companies including Lukoil and Rosneft, part of efforts to pressure Moscow over the ongoing Russian invasion of Ukraine.
India’s imports of Russian crude had dropped to about 1.1 million barrels per day in January — the lowest level since November 2022 — reducing Moscow’s share of India’s total oil imports to roughly 21.2%. Industry data suggests the figure rebounded to around 30% in February.
Meanwhile, global oil markets have been shaken by escalating conflict involving Iran and its allies. The situation worsened after Iran blocked the strategically vital Strait of Hormuz, through which nearly 20% of the world’s oil supply normally passes.
Several major energy facilities in the region have also come under attack in recent days, including infrastructure operated by Saudi Aramco and Iraq’s Rumaila oil field.
As a result, the price of Brent crude rose to about $83 per barrel on Friday.
Despite the surge in global prices, government sources in India say there are currently no plans to increase domestic petrol or diesel prices.
