The U.S. Treasury Department has issued a temporary 30-day waiver (General License 133) allowing Indian refineries to purchase Russian crude oil and petroleum products that were already loaded on vessels as of 5 March 2026.
Office of Foreign Assets Control .
This move, announced by Treasury Secretary Scott Bessent, is a “stopgap measure” intended to stabilize global energy markets following major supply disruptions in the Middle East, specifically the blockade of the Strait of Hormuz during the ongoing conflict involving Iran.
Valid for 30 days, expiring at the end of the day on 3 April 2026.
Covers only oil and petroleum products already stranded at sea or loaded by 5 March; it does not apply to new loadings after this date.
Permitef action includes essential voyage services such as insurance, bunkering, crewing, and port services needed to complete these deliveries to Indian ports.
Approximately 145 million barrels of Russian crude are currently on the water and could potentially be redirected to India under this waiver.
India, the world’s third-largest oil consumer, normally imports about 50% of its crude through the Strait of Hormuz. The waiver provides immediate relief as domestic stocks were reported to cover only about 25 days of demand.
Secretary Bessent stated the measure will not provide “significant financial benefit” to the Kremlin because it only authorises the sale of existing inventory already in transit.
This marks a shift for the Trump administration, which previously imposed punitive tariffs on India for its Russian oil purchases. The U.S. expects India to eventually ramp up purchases of American crude to offset long-term reliance on sanctioned regimes.
Note by Alessandro Bazzoni