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US Grants India 30-Day Sanctions Waiver for Russian Oil Amid Hormuz Crisis
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The United States has allowed Indian refineries a 30-day exception from sanctions regarding the purchase of Russian oil in order to maintain stability and keep oil flowing into the global market, according to US Secretary of the Treasury, Scott Bessent on March 6.
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The temporary step will not provide significant financial benefits to the Russian government. The waiver specifically applies to oil that is currently stuck at sea. He noted that the move is a short-term solution to address current logistical challenges.
The Treasury Secretary emphasized that India is an important partner for the United States. He stated that Washington expects New Delhi to increase its purchases of American oil in the future.
President Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded.
— Treasury Secretary Scott Bessent (@SecScottBessent) March 6, 2026
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 temporary measure is also intended to reduce pressure on global energy supplies caused by recent actions from Iran.
On February 4, President Donald Trump ordered military escorts and risk insurance for oil and gas tankers passing through the Strait of Hormuz. This followed threats to global energy security in the region.
On March 3, Iranian officials, including high-ranking members of the Islamic Revolutionary Guard Corps, declared the Strait of Hormuz closed. They threatened to attack any vessels attempting to pass through the waterway.
“To ensure that oil continues to flow to the global market, the Treasury Department has made a temporary 30-day exception to the sanctions, which will allow Indian oil refineries to buy Russian oil,” Bessent wrote.
“India is an important partner of the US, so we expect New Delhi to increase its purchases of American oil. This temporary measure will allow for the easing of pressure created by Iran’s attempt to take global energy supply hostage,” the head of the Treasury Department noted.
Earlier, the United States Treasury Department extended the deadline for companies to finalize deals for the purchase of international assets belonging to the Russian oil producer Lukoil.
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