US Grants 30-Day Waiver Allowing India to Import Russian Oil

Washington- In a notable development amid the ongoing Iran conflict, the administration of Donald Trump has authorised a temporary 30-day waiver permitting India to import Russian crude oil.

US Treasury Secretary Scott Bessent said the move is intended to ensure the continued flow of oil in global markets. “President Trump’s energy agenda has led to record levels of oil and gas production. To keep oil moving through global markets, the Treasury Department is issuing a temporary 30-day waiver allowing Indian refiners to purchase Russian oil,” he stated.

Bessent clarified that the short-term measure would not significantly benefit the Russian government financially, as it applies only to oil cargoes already stranded at sea. He added that the US views India as a key partner and expects New Delhi to increase its imports of American crude in the future. According to him, the waiver is a stop-gap step aimed at easing pressure caused by Iran’s actions in global energy markets.

The waiver permits transactions related to Russian crude oil or petroleum products that were loaded onto vessels before early March. These shipments must be delivered to Indian ports and purchased by companies registered under Indian law.

Under the licence issued by the United States Department of the Treasury, transactions required for the sale, delivery or unloading of Russian crude loaded before March 5 will be allowed until April 4.

The authorisation applies strictly to deliveries at ports in India, and only Indian entities are eligible buyers, according to the Treasury licence.

The licence also allows various operational activities needed to complete these shipments, including vessel docking and anchoring, crew safety operations, emergency repairs, and routine maritime services such as vessel management, crewing, bunkering, piloting, insurance and related support.

The decision comes as the US administration seeks to stabilise global energy markets amid escalating tensions in the Middle East.

Officials said the waiver is meant to allow oil shipments already in transit to reach their destinations without violating US sanctions.

The Treasury Department emphasised that the licence is limited in scope and temporary in nature, and does not signal a broader easing of sanctions against Russia.

It also does not permit any other transactions restricted under US sanctions laws, including dealings involving Iran or Iranian-origin goods and services that remain prohibited.

The licence was issued by the Office of Foreign Assets Control on March 5.

The United States and its Western allies had imposed sweeping sanctions on Russia following its invasion of Ukraine in 2022, targeting key sectors of the Russian economy such as finance, defence and energy.

With inputs from IANS