The U.S. has granted India a 30-day waiver to purchase Russian oil, allowing Indian refiners to buy crude oil and petroleum products already loaded on vessels before March 5.

This move aims to stabilize global energy markets disrupted by the Iran war, which has blocked the Strait of Hormuz, a critical oil shipping routelivemint.commadhyamamonline.combgnews.media.

The waiver is seen as a short-term solution to alleviate pressure on global energy supplies, particularly for India, which relies heavily on Middle Eastern oil imports. India's current crude reserves cover only about 25 days of demand, making this waiver a crucial relieflivemint.comthehindu.com.Crude oil prices have surged, with Brent crude nearing $87 per barrel, due to concerns over supply disruptions.

The U.S. Treasury Department emphasizes that this waiver won't significantly benefit Russia financially, as it only covers oil already stranded at sea.

"President Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded.  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. This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea.  India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of U.S. oil. This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage,"In a statement on X, Treasury Secretary Scott Bessent said.