National, March 6: The United States Department of the Treasury has issued a temporary 30-day waiver permitting Indian refiners to continue purchasing Russian crude oil, a move aimed at stabilising global energy markets amid rising tensions linked to Iran, officials said.
Announcing the decision on March 5, US Treasury Secretary Scott Bessent said the short-term authorisation was designed to ensure that oil shipments already at sea could reach their destinations without disrupting global supply. He noted that the measure was introduced under the energy policy framework of Donald Trump.
According to Bessent, the waiver allows Indian refiners to receive Russian crude that had already been loaded onto vessels prior to March 5, 2026. He described the decision as a deliberately limited step that would not generate significant financial gains for Russia because it applies only to shipments that had already left ports.
The Treasury Secretary also underscored the importance of the strategic partnership between the United States and India, expressing hope that New Delhi would gradually increase imports of American energy resources. In a post on the social media platform X, Bessent said the temporary measure would help ease pressure on the global energy market amid attempts by Iran to disrupt supply.
Earlier, the Trump administration had imposed a 25 per cent punitive tariff on India for continuing to import Russian crude, arguing that such purchases were indirectly supporting Russia’s military campaign in Ukraine. However, both countries later agreed on a framework for an interim trade arrangement. Following this development, President Trump signed an executive order removing the tariff after India committed to gradually reduce its dependence on Russian oil and increase purchases from the United States.
A statement from the Treasury Department clarified that the waiver authorises transactions related to the sale, delivery and offloading of Russian-origin crude oil and petroleum products that were already loaded onto ships by March 5, 2026. The authorisation will remain valid until April 4, 2026, provided the shipments are delivered to Indian ports and the buyers are entities registered under Indian law.
Officials further emphasised that the general licence does not permit any additional transactions prohibited under existing executive orders. Activities involving Iran or Iranian-origin goods and services that fall under US sanctions remain strictly restricted under the current regulations.
