India’s access to critical energy supplies received a temporary boost on Friday after US Treasury Secretary Scott Bessent announced a 30-day waiver permitting Indian refiners to continue purchasing Russian oil.
According to a statement issued by the US Treasury Department, the Office of Foreign Assets Control (OFAC) released a Russia-related licence authorising the delivery and sale of crude oil and petroleum products of Russian origin to India. The licence applies to shipments loaded on vessels as of March 5, 2026.
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The statement clarified that the authorised transactions — including those involving vessels affected by various sanctions regimes — will be permitted until the end of the day on April 3, 2026.
The temporary waiver comes at a time when the US administration is attempting to stabilise global energy markets in the wake of rising tensions in the Middle East, which have raised concerns over supply disruptions.
Emphasising the importance of ties between the two nations, Treasury Secretary Bessent described India as an “essential partner” of the United States, underscoring the strategic significance of the bilateral relationship.
(This story is published from a syndicated feed)
