On March 11, 2026, India secured a significant purchase of 30 million barrels of Russian oil following a waiver provided by the United States. This move comes as the South Asian nation faces a shortage of oil supplies from the Middle East due to ongoing conflicts.
Indian refiners, including major players like Indian Oil and Reliance Industries, quickly acted on the US waiver, acquiring all available Russian crude in the spot market. This oil, comprising grades such as Urals, ESPO, and Varandey, was previously uncommitted and already in Asian waters.
The waiver, granted by the US, allows transactions involving Russian crude loaded onto vessels before March 5, provided the oil is delivered to India. This strategic move is seen as a response to the closure of the Strait of Hormuz following US and Israeli military actions against Iran.
Historically, India’s purchase of Russian oil surged after the Ukraine invasion in 2022, despite US pressure to reduce imports. The current geopolitical climate has once again shifted India’s sourcing strategy, as supplies from Saudi Arabia and Iraq have been disrupted.
Looking ahead, the acquisition of Russian oil under US approval may influence global oil prices and geopolitical alliances, as India navigates its energy needs amidst regional tensions.
Published in SouthAsianDesk, March 11, 2026
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