US Grants India 30-Day Waiver to Buy Russian Oil as Iran War Disrupts Global Energy Supply

The U.S. Treasury issued a 30-day waiver Thursday allowing India to purchase Russian oil -- a 'stopgap measure' designed to keep crude flowing into the global market as the Iran war disrupts shipments through the Strait of Hormuz and drives energy prices to multi-year highs. The waiver is a remarkable concession that effectively eases Russian sanctions to manage the economic fallout from the Iran conflict, revealing the uncomfortable trade-offs the administration must make when fighting a war that threatens the very energy markets the global economy depends on. For India, the world's third-largest oil consumer, the waiver provides critical relief from soaring crude prices that were threatening to derail the country's economic growth.