U.S. Grants India Temporary Waiver on Russian Oil Restrictions

The United States has temporarily exempted India from restrictions on Russian oil for one month, allowing shipments already loaded on tankers to be sold, U.S. Treasury Secretary Scott Bessent said on X.

The waiver applies only to crude that has already been loaded onto vessels and does not extend to new purchases.

Washington introduced the measure amid concerns that India could face a fuel shortage as tensions and conflict in the Middle East disrupt energy supplies. The closure of the Strait of Hormuz has cut off about half of India’s oil imports, leaving the country with reserves that could last only a few weeks.

According to S&P Global, around 120 mln barrels of Russian oil are currently at sea without buyers. Many of the tankers, often described as part of a «shadow fleet,» are reportedly positioned near Indian waters.

U.S. officials said selling these cargoes is unlikely to generate major profits for Russia. However, analysts warn that India may face competition from China for the discounted shipments, potentially pushing up the price of Russian crude.

From economics and politics to business, technology and culture, Kursiv Uzbekistan brings you key news and in-depth analysis from Uzbekistan and around the world. To stay up to date and get the latest stories in real time, follow our Telegram channel