Waivers on Russian oil have allowed India to continue securing additional oil amid the crisis.
Amid oil and gas prices that have brought much of the world to a standstill, India may soon find itself once again navigating sensitive talks with the United States and Iran — two countries central to tensions over the Strait of Hormuz.
This is why.
The United States said on Wednesday it would not extend waivers that allow countries to buy Russian and Iranian energy without facing US sanctions. The move could significantly impact India’s oil imports, as it has been a major beneficiary of the exemption.
“We will not renew the general license for Russian oil, and we will not renew the general license for Iranian oil. That oil was in the water before March 11. So all of that has been used,” Treasurer Scott Bessent told reporters.
How have you helped India and what is next?
Waivers on Russian oil have allowed India to continue securing additional oil amid the crisis. New Delhi’s purchases of crude oil from Russia more than tripled to 5.3 billion euros in March, news agency PTI reported.
“India was the second largest buyer of Russian fossil fuels in March 2026, importing a total of €5.8 billion worth of Russian hydrocarbons. Crude oil products accounted for 91 per cent of India’s purchases, totaling €5.3 billion,” the European Research Center for Energy and Clean Air said in a report, according to PTI.
Read also: “Loading with the best and sweetest oil”: Trump’s offer of American crude after the Iranian stalemate
After Russia, the United States also announced another 30-day license allowing countries to buy Iranian oil. While the Russian oil exemption expired on April 11, the Iranian oil exemption is scheduled to expire on April 19.
India will also be affected by the US blockade of Hormuz, as New Delhi imports more than 85% of its crude oil – making it the third largest oil importer in the world.
Modi and Trump call
Prime Minister Narendra Modi and US President Donald Trump, in a phone call on Tuesday, discussed “the situation in West Asia and stressed the importance of keeping the Strait of Hormuz open and safe.”
Prime Minister Modi took to
US Ambassador to India, Sergio Gore, also confirmed the 40-minute call, saying: “Very positive and productive call! Stay tuned.”
The call ended with Trump telling Prime Minister Modi, “I just want you to know that we all love you,” according to Ambassador Gore.
During an event held at the US Embassy in Delhi, Gore noted that “big” items will be announced over the next few weeks.
Read also: The US military intercepts an Iranian-flagged ship in the Strait of Hormuz; 10 ships have gone back since the beginning of the naval block
“We have some big-ticket items that will be announced over the next few days or weeks, and the relationship is on solid footing. We will have something very interesting and exciting… in terms of some deals that may happen, which may be announced soon, and it will be energy-related. It will be related to some other items, but stay tuned. That’s all I’ll say.”
Union Minister Hardeep Singh Puri, who was also present at the event, said he had “fruitful” discussions with Gaur on bilateral energy cooperation.
“We had fruitful discussions on bilateral energy cooperation between our two countries and discussed ways to strengthen our comprehensive energy relationship,” he said in a post on X.
The two leaders also discussed the US naval blockade of Iranian ports, Gore said, though he declined to answer questions about any new talks between Iran and the United States after the collapse of negotiations in Islamabad.
“It is not my place to announce any future talks. They talked about the blockade and the importance of reopening it as soon as possible. Frankly, this entire region, the whole world is suffering because of this,” PTI quoted him as saying.
US Secretary of State visits India
In a bid to strengthen relations between the two countries, US Secretary of State Marco Rubio is scheduled to visit India next month to hold meetings with External Affairs Minister S Jaishankar. Rubio will also meet with other government officials.
“The Secretary (Rubio) is coming here next month, which we’re very excited about… He’s not just coming. We already have some great deals that we hope to have finalized in time for his visit at the end of May,” Gore said.
He also said that the US is looking forward to holding a Quad ministerial meeting in India.
Read also: India calls for safe transit of Strait of Hormuz: Attacks on commercial shipping ‘completely unacceptable’
“We are very much looking forward to having a Quad ministerial meeting here in India. This is also the Secretary (Rubio’s) first visit to India. So he is very excited to come, not only to Delhi, but also to visit other places.”
“India is of vital importance to us. It is a great partner and the president also has a great relationship with your prime minister. This shows the importance of the United States,” Gore said.
“If you look at Secretary Rubio, he’s not traveling because he’s full-time in the White House as well. So the fact that he’s coming here shows the level of importance that the United States has on India,” Gore said.
Trump says the United States has more oil than two economies combined
Last week, Trump claimed on social media that a large number of empty oil tankers are currently heading to the United States to load what he described as “the best” and “sweetest” oil and gas. He pointed out that the United States has more oil than the two largest oil economies combined.
“We have more oil than the second-largest oil economies combined – and it’s higher quality. We’re waiting for you. Quick turnaround!” Books on social truth.
US tariffs on India
Earlier this year, Washington removed additional 25% tariffs on India, which it imposed on August 27 last year, after India agreed to “stop” importing Russian oil. Currently, US tariffs on India are 18%.
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