The US Treasury Department issued a temporary 30-day license allowing Indian firms to purchase Russian crude oil already loaded onto vessels before March 5. The waiver covers approximately 9.5 million barrels of Russian oil stranded in Asian waters, permitting delivery to India despite existing sanctions. The measure expires April 4.

This decision comes as tensions in the Persian Gulf disrupt major oil-producing regions, forcing India to seek alternative fuel sources. Treasury Secretary Scott Bessent stated the short-term waiver aims to keep global oil markets flowing without providing significant financial benefit to Russia. The license specifically covers transactions involving oil already at sea.

India, which became Russia's largest buyer of seaborne crude after Ukraine's invasion, has been reducing purchases under US pressure following a recent trade deal that rolled back tariffs. The waiver addresses immediate supply concerns as Mangalore Refinery and Petrochemicals Ltd. suspended oil product exports and shut down processing units due to low stockpiles.