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India says it will keep buying competitively priced crude as US issues 30-day waiver for Russian oil purchases

First covered Saturday, March 7, 2026Business & MarketsWell-covered

The Facts

  • The US Treasury issued a temporary 30-day waiver allowing Indian refiners to purchase Russian oil.
  • US Treasury Secretary Scott Bessent said the waiver was intended to help keep oil flowing and stabilize global energy markets amid disruptions linked to the Middle East conflict and Strait of Hormuz tensions.
  • India said it has not depended on any country’s permission to buy Russian oil and will purchase crude from wherever it is available/competitive.
  • Indian refiners began purchasing Russian crude cargoes already at sea after the waiver was announced.
  • US President Donald Trump said the authorization for India to buy certain Russian oil was meant to ‘take a little pressure off’ oil markets.
  • India’s government said the country’s energy supplies remain secure/comfortable despite the disruptions.

Context

What does the US 30-day waiver allow India to do?

According to US Treasury Secretary Scott Bessent, the Treasury issued a temporary 30-day waiver allowing Indian refiners to purchase Russian oil, described as a measure to keep oil flowing to global markets. Yeni Akit Gazetesi,Haber Sitesi ODATV

How did India respond to the idea that it needed US ‘permission’ to buy Russian oil?

Indian government statements said India has never depended on any country’s permission to buy Russian oil and will buy crude from any source offering competitive prices, while also saying supplies remain secure. NDTV,India Today,RT

What have Indian refiners done since the waiver was issued?

Reports said Indian refiners started securing Russian crude cargoes already at sea after the waiver, including cargoes described as both sanctioned and non-sanctioned. Financial Express,IndexHR

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