As the global oil supply is disrupted due to the closure of the Strait of Hormuz, the West is apparently feeling the need for erstwhile sanctioned Russian oil, as the U.S. has decided to “allow” India to import Russian oil for a period of 30 days.
However, India, which used to buy Russian oil considerably below the market price but stopped due to pressure from Washington, is now reportedly being told that there will no longer be a discount.
As per reports, Russian President Vladimir Putin told India, “Now it’s business, not friendship,” as New Delhi stopped buying oil without informing Moscow.
It should be noted that earlier, U.S. Treasury Secretary Scott Bessent said that the U.S. was granting India this 30-day reprieve to “alleviate pressure caused by Iran’s attempt to take global energy hostage”.
President Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded.
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.…
— Treasury Secretary Scott Bessent (@SecScottBessent) March 6, 2026
The development comes as the Indian government has assured that the country has sufficient reserves of crude oil as well as petroleum products. Reports say India currently holds around 25 days’ worth of crude oil reserves, along with an additional 25 days each of petrol and diesel.
It also comes after a period during which India has gradually reduced its imports of Russian oil while increasing purchases from the United States.
