US has granted a 30-day waiver allowing India to buy Russian oil cargoes already stranded at sea to help stabilise global supply. The 30-day exemption permits Indian refiners to complete transactions for these shipments despite ongoing restrictions related to sanctions on Russia’s energy sector. “To ensure oil continues flowing into global markets, the US is issuing a 30-day waiver allowing Indian refiners to buy Russian crude,” Bessent said. Around 40% of India’s oil imports originate from the Middle East, much of it transported through the critical Strait of Hormuz. Indian refiners return to the Russian marketFollowing the waiver, several Indian state-run refiners have reportedly begun negotiating with traders for immediate Russian crude deliveries.

Source: dna March 06, 2026 02:30 UTC