Washington says the temporary move will stabilise global energy supplies amid rising Middle East tensions
The United States has issued a temporary waiver allowing India to continue purchasing Russian oil, stating that the move is intended to help stabilise global energy supplies amid rising tensions in the Middle East.
On Friday, US Treasury Secretary Scott Bessent announced the decision in a post on X, saying the Treasury Department would allow Indian refiners to buy Russian crude for a limited period.
“To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil,” Bessent said.
He also noted that the United States expects India to increase its energy imports from the US in the future.
“India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of U.S. oil,” Bessent wrote, adding that the temporary waiver would “alleviate pressure caused by Iran’s attempt to take global energy hostage.”
Russia has reiterated that it remains open to supplying crude oil to India as global energy markets face renewed volatility due to the escalating crisis in West Asia and disruptions around the Strait of Hormuz.
Russian Ambassador to India Denis Alipov said Moscow has consistently maintained its willingness to provide crude supplies to India, underscoring the long-standing energy partnership between the two countries.
“We have been open to supplying crude oil to India,” Alipov told reporters while responding to questions about potential Russian oil shipments amid rising concerns over energy security.
West Asia tensions push oil prices higher
Global oil and gas prices have surged sharply after Iran effectively blocked the Strait of Hormuz — a narrow but critical shipping corridor between the Persian Gulf and the Gulf of Oman. The waterway handles nearly 20 per cent of the world’s oil and liquefied natural gas (LNG) shipments, making it one of the most strategically important energy routes globally.
India, which imports about 88 per cent of its crude oil requirements and nearly half of its natural gas needs, relies heavily on shipments passing through the Strait of Hormuz. Any prolonged instability in the region could therefore have significant implications for India’s energy security and economic stability.
Conflict intensifies in the region
The tensions in West Asia escalated after the United States launched military strikes on Iran on February 28, which reportedly resulted in the death of Iran’s Supreme Leader Ayatollah Ali Khamenei. The incident triggered a wave of retaliatory attacks from Tehran targeting Israel and American military installations across several Gulf nations, including the UAE, Bahrain, Kuwait, Jordan and Saudi Arabia.
Over the past few days, the conflict has expanded with multiple attacks and counter-attacks, heightening concerns about disruptions to global energy supplies and shipping lanes.
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