US renews Russian oil waiver for 30 days, India among key beneficiaries

The US government on Friday renewed a waiver that allowed countries, including India, to purchase Russian oil for 30 days without attracting US sanctions.

The US Treasury said that the new waiver will remain in effect until May 16 and applies to crude oil and petroleum products loaded onto vessels by April 17.

The decision comes just days after Treasury Secretary Scott Bessent said the US
would not extend earlier waivers covering Russian and Iranian oil. While the new waiver allows Russian energy purchases, it excludes transactions involving Iran, as well as Cuba and North Korea.

The move highlights US effort to manage rising global energy prices, which have surged amid ongoing conflict in West Asia and disruptions to supply chains.

India’s oil purchases

India has emerged as a key beneficiary of earlier waivers, with a Hindustan Times report saying that New Delhi ordered around 30 million barrels of Russian oil after the policy was introduced. Indian refiners had previously reduced purchases from companies like Rosneft and Lukoil due to sanctions.

In a press briefing on Thursday, External Affairs ministry spokesperson Randhir Jaiswal said India’s energy policy remains unchanged and is guided by national needs and market conditions.

Reversal driven by energy pressures

According to the US government, the decision is aimed at ensuring adequate oil supply as negotiations with Iran continue. “As negotiations accelerate, Treasury wants to ensure oil is available to those who need it,” one official told Reuters.

Global oil prices have been highly volatile since the conflict in West Asia started on February 28. It recently came down after Iran briefly reopened the Strait of Hormuz. However, the broader conflict has already caused major damage to energy infrastructure, with more than 80 oil and gas facilities affected, according to the International Energy Agency.

The US administration has also faced pressure from partner countries, particularly in Asia, to ease restrictions.

According to the report, US President Donald Trump also discussed oil supplies in a recent call with Prime Minister Narendra Modi.

The decision has drawn criticism from US lawmakers, who argue that such waivers could benefit Russia as it continues its war in Ukraine. Critics also say easing restrictions could undermine Western efforts to limit Moscow’s revenue.

As per the report, two US Congressmen have introduced a bill in the House of Representatives in order to terminate the Russian sanctions waiver and starve Moscow of its oil export revenues.