U.S. Approves Sale Of Russian Oil To India

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has issued Russia-related General License 133, authorizing the delivery and sale of Russian crude oil and petroleum products loaded onto vessels on or before March 5, 2026, provided delivery occurs at Indian ports and the purchaser is an Indian entity. The authorisation is valid through April 3, 2026.

Treasury Secretary Scott Bessent described the move as a “deliberately short-term” emergency measure to ensure oil continues flowing into the global market amid disruptions from the ongoing conflict in the Middle East, particularly involving Iran and key shipping routes like the Strait of Hormuz. He emphasized that the license would not provide significant new financial benefits to the Russian government, as it applies only to oil already loaded and stranded at sea.

The waiver allows Indian refiners to purchase these stranded cargoes despite sanctions that would normally restrict trade in Russian energy products. U.S. officials described the step as a stop gap measure to maintain energy stability while continuing diplomatic and economic efforts to reduce long-term reliance on Russian crude.

Indian refiners welcomed the temporary license, which ensures that oil already en route is delivered without interruption.