US extends Russian oil sanctions waiver despite Scott Bessent's pledge not to. What does it mean for India?

The Trump administration quietly reversed course on Friday (Apr 17), issuing a second month-long sanctions waiver allowing the purchase of Russian crude oil and petroleum products currently at sea. This comes just two days after Treasury Secretary Scott Bessent told reporters the US would not be extending the measure. How would this waiver benefit India, which imports around 38 and 40 per cent of its total crude imports from Moscow? All you need to know.

US extends sanction waiver on Russian oil

The Treasury Department has issued a month-long sanctions waiver for Russian oil. It covers oil already loaded onto vessels as of April 17 and permits purchases through 12:01 AM on May 16. This waiver is the second of its kind in recent days. It mirrors a previous waiver that expired on April 11, which was designed to cushion global energy markets from the supply shock caused by Iran's effective closure of the Strait of Hormuz following the US-Israel military campaign that began on February 28.

Didn't Bessent say no more waivers on Russian oil?

United States' reversal is notable both for its timing and its political awkwardness. Bessent had been unambiguous on Wednesday (Apr 15), saying Washington would not renew the waiver for either Russian or Iranian oil. "We ​will not be renewing the general license on Russian oil, and we will not be renewing the general license ​on Iranian oil. That was oil that ​was on the water prior to March 11. So all ‌that ⁠has been used," Bessent said at a White House briefing.
The administration's U-turn two days later suggests that energy market pressures, and their domestic political consequences ultimately overrode the harder line. US gasoline prices have risen sharply since the conflict began, adding pressure on households ahead of the midterm elections later this year.

Waiver only for oil already at sea

Notably, the waiver applies only to oil already in transit and is not intended to encourage new transactions.

What it means for India

For India, the waiver's extension provides short-term relief, though New Delhi previously made clear it doesn't consider US sanctions policy determinative of its own energy decisions.

Russia currently supplies between 38 and 40 per cent of India's total crude imports, averaging roughly 1.57 to 1.98 million barrels per day in early 2026. India depends on imports to meet over 88 per cent of its energy requirements, and with Iranian oil effectively off the table due to longstanding sanctions, Russia and the broader West Asian region are its primary alternatives, both of which have been disrupted by the current conflict.

When the first waiver expired on April 11, Indian refineries signalled they would continue purchasing Russian crude regardless of the US position. An official cited by Mint said, "Efforts are on for further LPG purchases from Russia. Also, import of both crude and LPG is likely to continue from non-sanctioned entities." The official described India's energy import strategy as a sovereign decision that does not hinge on US sanctions policy.

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