India May Continue Buying Russian Oil, Gas Even After End Of US Waiver

India may continue buying crude oil and cooking gas (LPG) from Russia even after the expiry of the United States’ one-month sanctions waiver on such imports, according to a report by Mint.

The US had lifted sanctions in early March for Russian oil and petroleum products already in transit amid concerns over global supply disruptions linked to the conflict in West Asia. However, the waiver will not be extended.

“We will not be renewing the general licence on Russian oil, and we will not be renewing the general licence on Iranian oil. That was oil that was on the water prior to March 11. So all that has been used,” Treasury Secretary Scott Bessent had said on Wednesday.

India had stopped buying Russian oil before announcing a bilateral trade deal with the US in February, only to resume the purchase after the US waiver.

Despite the waiver ending this month, India’s import strategy will not be affected by the US decision, the report said citing government sources.

Efforts are underway to secure additional LPG supplies from Russia, while imports of crude and LPG will continue from non-sanctioned entities.

Indian refiners are also negotiating future cargoes after securing around 8 lakh tonnes of LPG supplies from Russia, Australia, and the US.

However, the share of Russian LPG remains limited so far, with more volumes under discussion.

The US is likely to remain India’s primary LPG supplier in the current scenario, with Canada and Angola also being explored as alternative sources.

On crude oil, India has significantly diversified its sourcing. The share of West Asia in India’s crude imports has dropped sharply, while imports of Russian crude have surged. India was the second-largest buyer of Russian oil and gas in March.

The government has reiterated that energy sourcing decisions are based on commercial viability and national interest. India now procures crude from 41 countries and LPG from 16 countries, reflecting a broader diversification strategy.

Officials said India is actively seeking energy supplies from multiple sources to ensure stability amid ongoing geopolitical disruptions.