US Treasury Secretary Says Allowed India to Buy Russian Crude Oil for 30 Days

United States Treasury Secretary Scott Bessent today said Washington has allowed India a 30-day waiver to buy Russian crude oil as New Delhi faces a supply crunch amid the US’s offensive against Tehran. Iran has made it difficult for tankers to move through the Strait of Hormuz, a key channel for the movement of crude oil from Gulf countries.

Russia had emerged as the top supplier of crude to India after its invasion of Ukraine drove away European buyers. But India had paused these purchases, which were usually cheaper than alternatives, due to pressure from the US.

Bessent said the current waiver was intended to keep global oil markets supplied while addressing the disruption caused by Iran.

“President Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded,” Bessent said. “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.”

He added that the measure was deliberately short term and would not materially benefit Moscow. “This measure only authorizes transactions involving oil already stranded at sea,” Bessent said.

Bessent also signalled that Washington expects India to increase purchases of US energy. “India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of US oil,” he said, adding that the waiver would help ease pressure caused by Iran’s attempt “to take global energy hostage.”

India is heavily dependent on crude oil imports to meet its domestic needs, and Russian oil had helped diversify its supplier base. The 30-day waiver will help New Delhi meet part of the requirements of its refineries amid falling stockpiles.