The United States has issued a temporary waiver allowing stranded Russian oil cargoes to be sold to India in an effort to ease pressure on global energy markets amid rising geopolitical tensions.
The waiver applies to Russian oil shipments that had already been loaded onto tankers before the latest round of US restrictions came into effect but were left without buyers due to tightening sanctions. The measure allows these cargoes to be delivered to Indian refiners within a 30-day window, preventing disruptions in global oil supply.
US Treasury Secretary Scott Bessent confirmed the development, stating that India is an essential partner of the United States. He said the decision would help alleviate pressure caused by Iran’s actions that have disrupted global energy flows, while also encouraging India to increase purchases of US oil in the future.
India faces potential supply challenges as it relies heavily on imported crude oil. The country’s strategic reserves currently cover only about 25 days of demand, and nearly 40 per cent of its oil imports come from the Middle East, much of it transported through the Strait of Hormuz. The situation has become more complicated after Iran effectively closed the critical shipping route amid its ongoing conflict with the US.
Since Western sanctions were imposed on Russia following its invasion of Ukraine in 2022, India has emerged as a major buyer of discounted Russian crude. However, earlier this year India reduced its purchases under pressure from Washington while negotiating trade arrangements with the United States.
Following the waiver, several Indian state-run refiners — including Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation and Mangalore Refinery and Petrochemicals Limited — are reportedly in discussions with traders to secure Russian crude shipments. According to reports, Indian state refiners have already purchased around 20 million barrels of Russian oil from traders.
Market sources said traders are currently offering Russian Urals crude to Indian buyers at a premium of USD 4–5 per barrel above Brent prices for shipments arriving in March and early April. This marks a sharp shift from earlier discounts of around USD 13 per barrel below Brent before the recent conflict escalated.
Energy analysts say the US decision aims to ensure steady oil flows into global markets and prevent supply shortages that could trigger price spikes and impact global inflation.
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