KATHMANDU: The U.S. Treasury has issued a temporary 30-day sanctions waiver allowing Indian refiners to purchase Russian crude oil that was already loaded onto ships and stranded at sea as of March 5, 2026.
The waiver, announced by Treasury Secretary Scott Bessent, will remain in effect until April 4.
The move comes as rising tensions with Iran threaten shipping through the Strait of Hormuz, a key route for more than half of India’s crude imports.
By allowing Indian companies to access around 20 million barrels of Russian oil already in transit, Washington aims to prevent supply disruptions that could push global fuel prices higher.
Analysts say the decision could help stabilize crude markets and avoid a spike in fuel prices that would eventually affect drivers and the auto industry.
The waiver is strictly short-term, and its extension will depend on how the Iran conflict and global oil supply situation evolve in the coming weeks, states global media reports.
Petroleum products constitute a major portion of Nepal’s imports, with the entire supply sourced from the Indian Oil Corporation in India.
