U.S. Treasury Issues 30-Day Russian Oil Waiver for Indian Refiners to Stabilize Global Markets

WASHINGTON, D.C. 06 March 2026 :- In a strategic move to maintain global energy stability, U.S. Treasury Secretary Scott Bessent announced a temporary 30-day waiver allowing Indian refiners to purchase Russian oil currently stranded at sea.

Taking to X (formerly Twitter), Secretary Bessent clarified that the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is implementing this short-term measure to ensure consistent oil flow without providing long-term financial windfalls to Moscow.

The Secretary emphasized that because the waiver applies strictly to existing shipments already in transit, it prevents significant revenue from reaching the Russian government while simultaneously addressing immediate supply pressures.

Secretary Bessent also highlighted the success of the current administration’s domestic energy policies, noting that President Trump’s agenda has driven U.S. oil and gas production to the highest levels ever recorded.

By authorizing this limited window for Indian partners, the Treasury aims to mitigate the impact of Iran’s recent attempts to disrupt global energy supplies.

“India is an essential partner of the United States,” Bessent stated, adding that the U.S. fully anticipates New Delhi will pivot toward increased purchases of American oil as a long-term solution to energy security.