US Issues 30-Day Waiver For India To Buy Russian Oil As Hormuz Disruptions Hit Supplies

New Delhi, Mar 6 (KNN) The United States has granted a 30-day waiver allowing India to purchase Russian oil as disruptions to shipping routes through the Strait of Hormuz hamper energy supplies amid the escalating Gulf crisis.

Announcing the move on Thursday (local time), US Treasury Secretary Scott Bessent said “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 authorises transactions involving oil already stranded at sea.”

“India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of U.S. oil. This stop-gap measure will alleviate pressure caused by Iran's attempt to take global energy hostage," Bessent added, reported ANI.

Rising Tensions in West Asia

The waiver comes as India faces potential risks to its energy supplies following escalating tensions in West Asia. The situation intensified after a joint military strike by the United States and Israel on Iranian territory on February 28 that reportedly killed Iran’s Supreme Leader Ali Khamenei and other senior figures.

India imports nearly 40 per cent of its crude oil from the Middle East, with a large share transported through the Strait of Hormuz, a critical global energy corridor.

India Monitoring Energy Supplies

Government sources said India is reviewing its energy situation twice daily and remains in a comfortable position regarding energy security. Current crude stocks are adequate and being replenished regularly.

Officials also said there is no global shortage of crude oil, LPG or LNG, and India is in touch with multiple suppliers to ensure steady supplies. 

The country continues to import Russian crude under existing contracts while closely monitoring developments in global energy markets to maintain uninterrupted supply.

(KNN Bureau)