U.S. issues 30-day waiver to allow India to purchase Russian oil amid West Asian supply woes

The U.S. Treasury Department is issuing a “ temporary 30-day waiver to allow Indian refiners to purchase Russian oil”, according to U.S. Treasury Secretary Scott Bessent.

In a statement on X on Friday (March 6, 2026), Mr. Bessent said the move aims to enable oil to keep flowing into the global market amid the war in West Asia that has disrupted oil supply.

“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,” said Mr. Bessent.

“This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage.”

He went on to say that the U.S. expects India to ramp up purchases of U.S. oil as India is an “essential partner”.