US grants India waiver to buy stranded Russian oil

The US has temporarily eased sanctions on Russia, allowing Russian crude oil currently stranded at sea to be sold to India.

The decision was announced after the US Department of the Treasury issued a special license through its Office of Foreign Assets Control authorizing the delivery and sale of Russian-origin crude and petroleum products already loaded on vessels. 

The licence allows these transactions to continue until April 3, 2026.

US Treasury Secretary Scott Bessent said the short-term waiver was designed “to enable oil to keep flowing into the global market”. 

Moreover, he stressed the measure would not provide significant financial benefit to Moscow because it applies only to oil cargoes already at sea and unable to find buyers due to sanctions.

Furthermore, officials said the waiver could help stabilize global oil supplies. Analysts note that India, one of the world’s largest crude importers, remains highly dependent on imported oil and is vulnerable to supply shocks.

According to officials, despite the temporary relief, US expects India to gradually increase purchases of US crude once the immediate energy market disruptions ease.