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US Approves India's 30-Day Russian Oil Purchases
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US grants India 30-day waiver to buy stranded Russian oil amid Mideast tensions
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News18
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06-03-2026, 07:26
US grants India 30-day waiver to buy stranded Russian oil amid Mideast tensions
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US Treasury Department grants India a special 30-day exemption to purchase Russian crude oil shipments stranded at sea.
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The move aims to ensure continuous global oil supply amidst rising Middle East tensions and potential supply chain disruptions.
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Indian refineries, including IOC, BPCL, HPCL, and MRPL, are negotiating and have purchased about 20 million barrels of Russian oil.
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Previously discounted Russian Urals crude is now offered at a premium of $4-5 per barrel over Brent for March/April shipments.
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Despite higher prices, Indian companies prioritize 'availability' to maintain crude stock amidst war uncertainty.
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