The US has given India a 30-day waiver which will allow it to buy Russian crude already on the high seas without facing penal tariffs.

US Treasury Secretary Scott Bessent announced the waiver in a social media post. "To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil," the announcement said.

It added: "This deliberately short-term measure......only authorizes transactions involving oil already at sea." Bessent added that the measure, "will not provide significant financial benefit to the Russian government."

India has already snapped up the cargoes of two ships carrying Russian crude oil that were sailing in nearby waters.

A third Russian tanker has also changed course and is likely to head to an Indian port. Moscow has indicated it is ready to divert more cargoes, suggesting Indian refiners are once again looking to Russian supply as a backup.

The two vessels had been heading toward East Asia but abruptly altered course and turned toward India, according to ship tracking data. The third tanker had been sailing toward Singapore before changing direction and is also expected to discharge its cargo in India.

The ships involved in the diversions, Odune, Matari and Indri, were sanctioned last year by the United Kingdom and the European Union, according to The Moscow Times. The sanctions were part of broader efforts to tighten economic pressure on Moscow following the invasion of Ukraine.

The diversions come as global oil markets are being rattled by tensions around the Strait of Hormuz, one of the world’s most critical energy shipping routes. Nearly a fifth of globally traded crude passes through the narrow waterway linking the Persian Gulf with the Arabian Sea.

India relies heavily on the region for energy imports, buying large volumes of crude oil and liquefied natural gas from Gulf producers.

In total, about 9.5 million barrels of Russian oil are on vessels close to India, according to estimates cited by Reuters. Those volumes could provide a useful buffer for Indian refiners if supplies from the Gulf remain uncertain in the coming weeks.

Russia has also said it is willing to divert additional crude shipments to India and has offered to send more liquefied natural gas. The supplies are urgently needed because India’s current stocks of LNG may last only 15 to 20 days.

Qatar’s LNG, which is used as a feedstock in India’s fertiliser plants, has been disrupted after production was temporarily halted following an Iranian drone attack.

Each of the two diverted tankers is carrying roughly 700,000 barrels of crude.

“India will buy more Russian oil,” said Sumit Ritolia, lead analyst at Kpler, a trade intelligence firm that tracks global crude flows and tanker movements.

Reuters reported that uncertainty surrounding the Strait of Hormuz has prompted Indian refiners to reopen talks with Russian producers. The companies have also been in discussions with the Indian government about permissions to increase imports of Russian crude.

About 85 per cent of India’s crude oil is imported while 45-to-50 per cent of natural gas demand is met through imports.

Russia has said it is ready to raise supplies. Russian Deputy Prime Minister Alexander Novak said that China and India together currently buy about 80 percent of Russia’s crude exports.

“Our oil is in high demand. If they buy, we’ll sell,” Novak told reporters.

The sudden changes in tanker routes underline how quickly the Middle East conflict is reshaping global oil trade. With shipping through the Strait of Hormuz becoming increasingly risky and Gulf supplies under threat, Indian refiners appear to be turning back to Russian barrels.

India became one of the biggest buyers of discounted Russian crude after Western sanctions were imposed on Moscow following the invasion of Ukraine. At one point, Russian oil accounted for roughly 35 to 40 per cent of India’s monthly crude imports.

More recently, those purchases had declined as Indian refiners increased buying from traditional Middle Eastern suppliers, including Iraq, Saudi Arabia, Kuwait and the United Arab Emirates.

The shift came after the United States imposed a 25 per cent tariff on Indian goods and linked its removal to a reduction in purchases of Russian oil. Last month President Donald Trump lifted the tariff on the condition that India stopped buying Russian crude.

India consumes about 5.6 million barrels of crude oil a day and is the world’s third-largest consumer.

For now, the cargoes already heading toward India could provide a modest cushion if disruptions to Gulf energy flows continue. Government officials have said there are currently no plans to ration fuel supplies.