Indian refiners have begun snapping up millions of barrels of Russian oil floating in Asian waters after the United States granted a waiver allowing purchase of cargoes stranded at sea, but are seeking legal opinion on whether the exemption also permits buying from sanctioned entities, sources said.
The US has issued a 30-day waiver allowing India to buy Russian oil currently stuck at sea in an effort to keep global supplies flowing and temper further price increases.
Indian refiners have snapped up some 20 million barrels of Russian oil, mostly from non-sanctioned entities, they said, adding that the companies are seeking legal opinion if the waiver permits purchase of oil from even sanctioned entities.
They started buying Russian oil even before the US waiver came in as supplies from the Middle East were disrupted.
India had emerged as the largest buyer of Russian seaborne crude after Moscow's 2022 invasion of Ukraine, but its refiners began scaling back purchases in January amid pressure from Washington.
The reduction helped New Delhi avoid a proposed 25 per cent tariff on its exports and clinch an interim trade deal with the United States.
A top oil ministry official said New Delhi never completely stopped buying oil from Russia as part of its policy to source energy needs from diversified sources.
At February end, before the US and Israel attacked Iran to trigger a wider conflict in the region, India bought some 1.04 million barrels per day of Russian oil.
This was lowest since November 2022 and half of peak 2.15 million barrels a day hit in May 2023.
The purchases, the official said, were from entities not sanctioned by the US. -- PTI
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances
