Amid the Iran War, the US grants India a 30-day waiver to purchase Russian oil

The United States on Friday issued a declaration about a 30-day ‘temporary’ waiver that allows Indian refineries to continue buying Russian energy.

The move comes at a time of global energy prices amid the ongoing war situation between the US, Iran, and Israel, which has badly affected Gulf countries.

India-Russia Oil: US Clarifies India’s Russian Oil Waiver

The recent declaration by US Treasury Secretary Scott Bessent was made on X. Clarifying the waiver, he said it would have no financial benefit to Russia, as it only allows transactions involving Russian oil that has already been forsaken at sea.

Based on a Bloomberg report, around 9.5 million barrels of Russian oil were in Asian waters as of last week.

The US waiver applies only to Russian oil products loaded onto vessels before March 5. It will remain valid until April 4 at 12:01 AM, Washington time.

Crude Oil Refinery in India: Bessent Explains Temporary Relief for India

Bessent further elaborated on the temporary relief for India, intended to ease pressure on global energy markets amid the ongoing critical situation in West Asia.

He added that the United States wants India to buy more oil from America in the coming years. It described India as an ‘Essential Partner’ of the US.

Israel-Iran War Update: Concerns over Energy Supply Increases after Closure of Strait of Hormuz

According to the latest news on the Israel-Iran conflict, the issue of energy supply has drawn attention since Iran closed the Strait of Hormuz, a global shipping route.

The Strait lies between Iran and Oman, linking the Persian Gulf to the Gulf of Oman and the Arabian Sea.

It is important as one of the world’s key trade corridors, accounting for 20% of the global oil and gas supply.

The disruption to this route will raise fuel prices, leading to inflation and economic instability in countries that rely on Middle Eastern crude.

The US waiver relies on earlier Washington claims that India has agreed to stop dealing in Russian crude, although no official confirmation of this commitment has come from Indian authorities.

However, Russia has dismissed reports that India no longer buys oil from Moscow. It finds no reason to believe that this would happen.

According to Russian Foreign Ministry spokesperson Maria Zakharova, India’s purchases of Russian hydrocarbons are an advantage for both nations, as they help stabilise the global energy market.

The development has come after the recent reduction of tariffs on imports from India to 18% by the US, indicating broader transitions in the economic and strategic relations between the two nations.

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