A senior government official affirmed that India operates independently in purchasing Russian oil, rejecting any notion of reliance on foreign permissions. This statement addresses the recent 30-day US window allowing Indian refiners to import floating Russian crude volumes.
Ongoing Russian Oil Trade
India maintains steady imports of Russian oil, even through February 2026, positioning Russia as the nation’s top crude supplier. ‘India is still importing Russian oil, even in February 2026, and Russia is still India’s largest crude oil supplier,’ the official stated. ‘Therefore, suggesting a short-term waiver “enables” these purchases overlooks that the trade has continued consistently.’
Global Supply Disruptions Highlight Alternatives
The Iran war and the effective closure of the Strait of Hormuz have sharply reduced oil and gas supplies worldwide, elevating the importance of Russian volumes to offset lost Gulf imports for India.
US Issues Temporary Waiver
US Treasury Secretary Scott Bessent announced a 30-day waiver enabling Indian refiners to proceed with Russian oil purchases, highlighting India as an essential partner. ‘The waiver removes a friction that was never in anyone’s interest to sustain — and it recognises the stabilising role India’s refining and procurement capacity has played in global energy markets,’ the official noted. The official described US waiver comments as aimed at their domestic audience.
India’s Robust Energy Stocks and Alternatives
India secures diverse oil and gas sources amid the Strait of Hormuz challenges and holds ample reserves to manage disruptions. ‘India is well stocked with crude oil, petrol, diesel, ATF, LPG, and LNG, with sufficient inventories to handle short-term disruptions,’ the official confirmed. Stocks exceed 250 million barrels of crude and refined products, covering about 50 days of domestic needs.
Nations including Australia and Canada have extended offers for extra gas supplies. The shutdown of Qatar’s major LNG facility has slashed imports by 60 percent, leading gas providers to reduce allocations to industrial users in India, where imports account for half of consumption.
