US Issues India 30-Day Waiver to Buy Russian Oil Amid Iran Conflict

The United States has granted India a 30-day waiver to continue purchasing Russian crude oil, according to a Treasury Department notice issued on March 5.

The short-term measure will not offer a "significant financial benefit" to Moscow, as the license only "authorizes transactions involving oil already standardized at sea."

"India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of U.S. oil. This stop-gap measure will alleviate pressure caused by Iran's attempt to take global energy hostage," Treasury Secretary Scott Bessent said in a March 5 statement.