The United States has granted a 30-day temporary waiver allowing Indian refineries to continue purchasing Russian oil cargoes that are already at sea, amid concerns that escalating tensions in West Asia could disrupt global energy supplies, PTI reported.
The announcement was made by US Treasury Secretary Scott Bessent, who said the measure permits transactions involving Russian crude that had been loaded onto vessels before March 5. The waiver will remain in effect until April 4.
The move comes as geopolitical tensions rise following the Iran–US–Israel conflict, raising fears of supply disruptions in the Gulf region and potential spikes in global oil prices.
About 9.5 million barrels of Russian crude were positioned in Asian waters as of last week.
The temporary waiver is aimed at easing pressure on global energy markets, with the US Treasury Secretary stating that the measure would not generate significant financial gains for Russia because it applies only to cargoes already in transit.
Concerns have intensified after Iran claimed it had closed the Strait of Hormuz — a critical maritime chokepoint linking the Persian Gulf with the Gulf of Oman and the Arabian Sea — through which roughly 20 per cent of global oil and gas supplies pass.
Amid rising fears of energy price volatility, Petroleum and Natural Gas Minister Hardeep Singh Puri earlier informed the Rajya Sabha that India’s strategic petroleum reserves could meet domestic demand for about 74 days in the event of global supply disruptions.
