New Delhi: The United States has granted India a temporary 30-day waiver allowing it to purchase Russian crude oil, a move aimed at maintaining global energy supply stability amid disruptions caused by the ongoing conflict involving Iran in West Asia.
With the crisis in the Gulf severely hampering shipping routes that pass through the Strait of Hormuz, the United States on Thursday allowed a 30 day waiver for India to purchase Russian Oil to meet its energy requirements.
India sources nearly 40 per cent of its oil imports from the region, with a significant portion transported through the strategically important Strait of Hormuz.
The waiver was issued by the US Treasury as tensions in the Middle East have sharply disrupted oil shipments, particularly through key maritime routes such as the Strait of Hormuz, a critical artery for global energy trade.
The exemption will allow Indian refiners to buy Russian oil that is currently stranded at sea or already in transit, ensuring that global oil markets continue to function smoothly during the crisis.
US Treasury Secretary Scott Bessent said, "President Trump's energy agenda has resulted in oil and gas production reaching the highest levels ever recorded.
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.
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.
