US Treasury grants India 30-day waiver to purchase Russian oil amid Iran war energy crisis

US Treasury Secretary Scott Bessent confirmed via social media on Friday that the Treasury Department is issuing a temporary 30-day waiver allowing Indian refiners to purchase Russian oil. The decision is a direct response to the Hormuz closure and the resulting global energy supply scramble. Bessent wrote: 'To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil.' India is one of the largest buyers of Russian oil under existing US sanctions waivers, and the Hormuz closure has made alternative supply routes critical. RBC Capital analysts said: 'Asian markets are some of the most exposed to the ongoing disruption, with the lion's share of both crude and product cargoes in the strait historically heading to APAC.' The IEA chief separately told reporters in Brussels that there is 'plenty of oil — no shortage' and called the current situation 'a temporary logistical disruption.'