The US has given India a 30-day waiver which will allow it to buy Russian crude already on the high seas without facing penal tariffs. India has already snapped up the cargoes of two ships carrying Russian crude oil that were sailing in nearby waters. About 85 per cent of India’s crude oil is imported while 45-to-50 per cent of natural gas demand is met through imports. Last month President Donald Trump lifted the tariff on the condition that India stopped buying Russian crude. India consumes about 5.6 million barrels of crude oil a day and is the world’s third-largest consumer.

Source: The Telegraph March 06, 2026 11:27 UTC