File Photo: US Treasury Secretary Scott Bessent
| Photo Credit:
Reuters
The US issued a general license to allow for some Russian oil sales to India, giving the nation more options to purchase fuel as an escalating conflict in the Persian Gulf cuts off a major producing region.
The license covers transactions related to the sale of Russian crude oil and petroleum products loaded onto vessels before March 5, so long as it’s delivered to India and purchased by an Indian firm. The measure expires April 4 at 12:01 a.m. Washington time.
The move comes months after President Donald Trump slapped tariffs on Indian goods in a bid to pressure Prime Minister Narendra Modi’s government to abandon energy purchases from Russia.
“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,” US Treasury Secretary Scott Bessent said in a post on X. “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.”
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.…
— Treasury Secretary Scott Bessent (@SecScottBessent) March 6, 2026
As of late last week, there were 9.5 million barrels of Russian oil sitting in Asian waters.
Indian state refiners and government officials met earlier this week to consider contingency measures including turning to Russian cargoes loitering near its waters. The oil ministry had pushed for diplomats to seek some room for maneuver from Washington.
India became the single most important buyer of Moscow’s seaborne crude after the invasion of Ukraine, but the country has been cutting back in response to US pressure — particularly after a US trade deal struck last month that rolled back punitive tariffs. It has since kept Russian oil purchases to a minimum.
Some Indian refiners have already been feeling the impact of curtailed supplies. India’s Mangalore Refinery and Petrochemicals Ltd. has told customers it will suspend oil product exports, and has shut one of its three crude processing units due to low stockpiles, people familiar with the matter said.
More stories like this are available on bloomberg.com
Published on March 6, 2026
