U.S. ‘allows’ India to buy Russian oil for 30 days

7 MARCH 2026

The U.S. Treasury Department issued an order that would “allow” India to import Russian oil for 30 days, U.S. Treasury Secretary Scott Bessent said.
Analysts say this will help mitigate the spike in the price of oil and delays in oil shipments to import-dependent India.
However, government sources confirmed that Russian oil may no longer come at a discount and that China was also competing for it.
The price of Brent crude has increased to nearly $88 a barrel, a jump of about 20% in a week.
Global oil supplies are currently constrained due to Iran’s blockade of the Strait of Hormuz and tankers avoiding the region due to the conflict.
More than 55% of India’s oil imports pass through the Strait of Hormuz.

India’s import of Russian oil

India imported $1.98 billion worth of crude oil from Russia in January 2026, the month before India and the U.S. issued a joint statement about an interim trade agreement between the two countries.
This was the lowest in 44 months.
As a result of this, Russia’s share in Indian oil imports fell to 19.3% in January 2026, the lowest since December 2022.
In comparison, Russia’s share was 27.5% two months earlier, and 33% in May 2025.
India imported $11.6 billion worth of crude oil from the U.S. between April 2025 and January 2026, which is 32% higher than in the same period of the previous financial year.