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30-DAY U.S. ‘WAIVER’ FOR INDIA TO BUY STRANDED RUSSIAN OIL
The New Indian Express Dharmapuri
|March 07, 2026
WITH the Iran-Israel/US war starting to impact crude supply and setting prices on fire, the US on Friday said it would issue a 30-day waiver for Indian refiners to buy Russian oil stranded at sea. The Strait of Hormuz, the crucial choke-point through which 20% of global oil and gas shipments pass through, is currently under threat due to the war.
Announcing the decision, US Treasury Secretary Scott Bessent said the temporary waiver is to ensure oil continues to flow into global markets.
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