Malé, Maldives – India has stated it will continue its imports of Russian oil, asserting that it does not require permission from any country for such transactions. This declaration follows a temporary sanctions waiver issued by the United States, which permits the sale of currently stranded Russian oil shipments to Indian purchasers.

The waiver, granted on Thursday by the US Department of the Treasury, was introduced as global energy markets experienced disruptions and significantly higher oil prices. These market fluctuations have been linked to a US-Israeli military campaign against Iran and subsequent retaliatory strikes by Tehran across the Gulf region.

India’s Press Information Bureau clarified on Saturday that New Delhi’s acquisition of Russian oil was not dependent on this “short-term waiver.” The government’s statement affirmed, “India is still importing Russian oil even in February 2026, and Russia is still India’s largest crude oil supplier.”

Context of Trade and Energy Market Dynamics

Global crude prices saw an 8.5% increase on Friday, contributing to an overall rise of nearly 30% for the week. This surge occurred after US President Donald Trump indicated that only Iran’s “unconditional surrender” would conclude the ongoing Middle East conflict.

US Treasury Secretary Scott Bessent has also stated that officials in Washington are evaluating the possibility of lifting sanctions on additional Russian oil.

The Trump administration had previously rescinded a 25% tariff on Indian exports in February as part of an interim trade agreement. This measure was reportedly based on what the US described as India’s “commitment” to cease purchasing Russian oil. However, this alleged pledge was not detailed in the joint statement concerning the agreement, and the Indian government has not officially confirmed or denied its existence, reiterating that its oil procurement decisions are guided by national interest.

India reported that its strategic reserves are “well stocked,” holding over 250 million barrels of crude and petroleum products, which it deems sufficient to manage short-term supply disruptions.