US Treasury Issues 30-Day Waiver Allowing Indian Refiners To Purchase Stranded Russian Oil

In a key development for global energy markets, the US Treasury confirmed that Indian refiners will be allowed to purchase Russian oil stranded at sea under a temporary 30-day waiver. The move aims to alleviate pressure on global oil supply and ensure stability in energy flows.  

US Treasury’s Bessent stated that Washington anticipates New Delhi will ramp up purchases of US oil, reinforcing bilateral energy ties. The waiver, however, applies only to Russian oil already stranded at sea and does not authorize broader transactions. Officials clarified that the measure is unlikely to provide Russia with substantial financial gains, as it is narrowly focused on easing immediate supply constraints.  

Industry analysts note that the decision reflects the US balancing its sanctions policy with the need to maintain global energy stability. For India, the waiver provides short-term flexibility while continuing to diversify its energy imports.  

Key Highlights  

• US Treasury issues 30-day waiver for Indian refiners  
• Waiver applies only to Russian oil stranded at sea  
• Measure aims to stabilize global oil supply  
• Officials stress limited financial benefit to Russia  
• US expects India to increase purchases of American oil  

Sources: Reuters, Economic Times, Business Standard, Moneycontrol