New Delhi asserts energy sovereignty while global oil markets surge amid Iran conflict and geopolitical tensions.
India announced Saturday that it will continue importing Russian oil after the United States issued a temporary sanctions waiver allowing oil shipments currently stranded at sea to be delivered to Indian buyers.
The waiver, granted Thursday by the U.S. Department of the Treasury, was introduced as global energy markets faced major disruptions triggered by the ongoing U.S.–Israeli military campaign against Iran and Tehran’s retaliatory actions across the Gulf. The conflict has shaken global oil supply chains and pushed energy prices sharply higher.
Despite the waiver, India’s Press Information Bureau emphasized that New Delhi’s oil purchasing decisions are based solely on national interest and not dependent on foreign approval. The government firmly stated that India has never relied on permission from any country to buy Russian crude.
Officials noted that India continued importing Russian oil even as recently as February 2026 and confirmed that Russia remains the country’s largest crude supplier. The statement underscored India’s consistent approach to energy procurement, highlighting that its supply strategy is guided by long-term economic stability and domestic energy security.
The issue gained further attention after the Trump administration earlier rolled back a 25 percent tariff on Indian exports as part of an interim trade arrangement in February. Washington indicated that the move followed what it described as India’s “commitment” to reduce purchases of Russian oil. However, that pledge was not included in the joint statement announcing the agreement, and Indian officials have neither confirmed nor denied its existence.
New Delhi stressed that the country remains well prepared to manage potential supply disruptions. Government data indicates that India currently holds more than 250 million barrels of crude oil and petroleum products, providing a strong buffer against short-term volatility in global energy markets.
Meanwhile, international oil prices surged amid rising geopolitical tensions. Global crude prices jumped 8.5 percent on Friday and climbed nearly 30 percent for the week after U.S. President Donald Trump declared that only the “unconditional surrender” of Iran would bring an end to the escalating conflict in the Middle East.
In Washington, U.S. Treasury Secretary Scott Bessent indicated that officials are also reviewing the possibility of easing sanctions on additional Russian oil exports as the conflict continues to reshape global energy dynamics.
