The United States has announced it will not renew sanctions exemptions for the purchase of Russian and Iranian oil, ending a 30-day waiver that allowed some countries, including India, to continue importing Russian oil despite sanctions related to the Ukraine war.
Historically, India was a major buyer of Iranian crude, importing significant volumes of Iranian light and heavy grades due to strong refinery compatibility and favourable commercial terms.
A US-sanctioned tanker carrying Iranian crude oil is heading to India, marking the resumption of oil imports from Iran after seven years.
India has said it will take all steps to protect its national interests and ensure comprehensive national security in all domains after Pakistan and Saudi Arabia signed a strategic defence pact.
A US-sanctioned tanker carrying Iranian crude oil has rerouted mid-voyage from its previously indicated destination of India to China, raising questions about payment issues and the future of India's Iranian oil imports.
India has refuted claims of payment issues hindering crude oil imports from Iran, clarifying that refiners have the flexibility to source oil from various global suppliers. The Ministry of Petroleum and Natural Gas addressed reports of a tanker rerouting to China, emphasising standard industry practices and secured oil requirements.
A senior government official asserts India's independence in purchasing Russian oil, stating that US sanctions waivers merely remove friction but do not dictate India's energy policy. The official highlights India's commitment to energy security and affordability for its citizens.
The Trump administration has announced a temporary authorisation for countries to purchase Russian oil stranded at sea, aiming to stabilise global energy markets amid rising oil prices and tensions with Iran.
The US has granted India permission to buy Russian oil already in transit to ease global supply pressures amidst the West Asia conflict. This decision comes after India agreed to halt sanctioned Russian oil purchases and substitute them with US oil.
Amidst escalating tensions with Iran, the US has granted India a temporary 30-day waiver to continue purchasing Russian oil, aiming to stabilise global energy markets and encourage future US oil imports by India.
When asked about Bessent's announcement allowing certain Russian oil sales to India and whether the US is considering any other moves, including tapping the Strategic Petroleum Reserve (SPR), Trump said, "If there were some, I would do it just to take a little of the pressure off."
Indian refiners have access to only limited Iranian volumes compared with Russian oil, and even the barrels on offer come with 'too many hassles'.
India is evaluating its involvement in the Chabahar port project in Iran due to potential US tariffs. The US had granted India a waiver for the project, but it expires soon. India is exploring options to continue supporting the port's development while minimizing exposure to US sanctions.
Trump may strike. He may announce productive talks and extend again. He may do both at the same time. Iran will not open the Strait on someone else's terms, so no matter what happens, that problem will remain unsolved. And the IRGC will still be collecting its $2 million toll from every ship bold enough to ask permission to pass.
Indian companies, however, are now paying a premium of $6-$7 a barrel for Russian oil, compared with discounts of $8-$10 a barrel before the start of the conflict.
The logic of war plus the gathering storms in US politics as the midterms loom large leave him with no real alternative but to negotiate, points out Ambassador M K Bhadrakumar.
Whether Trump will actually press ahead with the oil sanctions remains unclear, since keeping Russian oil out of the world market risks high oil prices which could boomerang on the US economy and be damaging politically for Trump, points out Ambassador M K Bhadrakumar.
The clock on the ceasefire is running out. But everyone's already whispering about round two, possibly as soon as this weekend.
The United States has encouraged India to purchase Russian oil already at sea to mitigate supply shortages and price increases amid the West Asia conflict, according to Energy Secretary Chris Wright. This move is described as a short-term effort to stabilise the market without altering Washington's policy towards Russia.
US President Donald Trump and Russian President Vladimir Putin discussed the Iran conflict and its impact on global energy supplies during a phone call.
The US has temporarily permitted India to accept Russian oil already on ships to ensure energy supplies amid the conflict with Iran. This short-term measure is not expected to significantly benefit Russia financially.
Iranian Foreign Minister Seyed Abbas Araghchi on Saturday criticised the United States over its stance on Russian oil, claiming Washington was now "begging" countries across the globe, including India, to purchase Russian crude.
Indian refiners are negotiating for additional crude cargoes from the US, Russia, and West Africa to ensure adequate supplies amid Middle East tensions. Refineries are maintaining normal processing rates and deferring maintenance to build reserves. The move comes as conflict impacts tanker movements through the Strait of Hormuz, a key energy transit route.
Friends of India in the US hope that New Delhi will receive a presidential waiver, given that Trump Administration has recognised India as a major defence partner and is in advance stage of selling billions of dollars' worth of equipment to India in the next few years.
Is likely to give another six-month reprieve from financial sanctions to India, South Korea, Turkey and others.
Iran is fighting a different war: Older, slower, and in some ways more dangerous. Iran doesn't need to shoot down an F/A-18. It only needs to make the Strait of Hormuz feel dangerous long enough for insurance markets, shipping companies, and oil futures traders to do the rest. Prem Panicker continues his must-read daily blog on the war in the Middle East.
Fight on toward goals that keep receding, or exit with most objectives unmet. Trump is agitated, his poll numbers falling below the Plimsoll line, his base fractured between those who back the war and those who remember that he campaigned on ending them.
It is learnt that India was mulling various options relating to the project after Trump administration threatened a 25 per cent additional tariff on countries doing business with Tehran.
Immediately on its return from the July 4th holiday recess, an angry Republican dominated US House of Representatives has lashed out against the Obama administration for providing India and several other nations waivers from sanctions for cutting its oil imports from Iran, and threatened to take legislative action to rebut the administration's reprieve to these nations, by passing tough new sanctions.
ONGC's overseas arm applied for a sanctions waiver to access $500 million dividend from two Venezuelan projects.
'Pakistan has found itself in a favourable position after Operation Sindoor by appreciating the mediation as claimed by Trump and recommending him for the Nobel Peace Prize.'
If the visit had taken place, then it would have been the first ministerial visit from Kabul to India after the Taliban seized power in Afghanistan in August 2021.
Afghan Foreign Minister Amir Khan Muttaqi arrived in New Delhi for a six-day visit, marking the first high-level trip from Kabul since the Taliban's takeover. He is scheduled to meet with Indian officials to discuss bilateral relations and regional issues.
Afghan Foreign Minister Amir Khan Muttaqi is expected to visit India next week, marking the first high-level trip from Kabul since the Taliban's rise to power. The visit follows a temporary exemption to a UN travel ban and is expected to enhance India's relations with the Taliban government.
The government is looking to give Bharat Global Ports a certain amount of domestic exposure after it set up the state-owned consortium to increase India's global maritime heft, officials aware of the development said. The intended domestic exposure is meant to give the consortium experience and build its credentials for international projects.
Whatever be India's course of action, it will have an impact on India-Iran ties, notes Aveek Sen.
The United States' efforts to isolate Iran for its alleged clandestine development of a nuclear weapons capability will figure in the strategic talks between Washington and New Delhi this week, but whether India will be issued a waiver from sanctions against those nations that do not dramatically curtail oil imports from Iran will not be a part of the discussions, a senior US official has indicated.
The legislative amendment was passed on Thursday by voice vote as part of an en bloc (all together as a single unit) amendment during floor consideration of the National Defence Authorisation Act (NDAA).
The US has extended waivers that exempt nine countries, including India and China, from fully complying with American sanctions targeting Iran's oil exports, citing their significant reduction in oil import from Tehran.
The United States has not made a determination yet on any potential Countering America's Adversaries Through Sanctions Act (CAATSA) waiver to India with regard to its purchase of S-400 missile defence system from Russia, the Biden Administration said Tuesday.
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