‘India asks US to extend sanctions waiver on Russian oil’:Current deadline expires on 16 May

India has asked the United States (US) to extend current waiver expiry deadline of 16 May on sales of Russian oil already loaded on tankers, according to a report by Bloomberg. The US Treasury Department had given waiver on sanctions in April on import of Russian crude by India. Imports from Russia reached 1.98 million barrels per day in March According to data from intelligence firm Kepler, crude oil imports from Russia averaged 1.98 million or 1.9 million barrels per day (bpd) in the month of March 2026. This is the highest level since June 2023. However, in April this figure had fallen to 1.57 million, that is, 15.7 lakh barrels per day, but experts had said that this decline was not due to lack of demand, but rather due to the shutdown carried out for maintenance at Nayara Energy’s refinery. It was expected to surge again from the next month. India will maintain its dependence on Russian oil Vandana Hari, founder of Singapore-based consultancy ‘Vanda Insights’, says that India is trying to buy all the Russian oil it can get. He stated that as long as there are difficulties in supply from the Persian Gulf, India will maintain its dependence on Russian oil. Actually, due to the military action by America and Israel against Iran and the closure of the Hormuz Route, supply chains worldwide have been affected. Refiners hopeful of exemption despite American sanctions India had earlier reduced purchases from Russian companies Rosneft and Lukoil due to fear of American sanctions. Last year, India had to face some restrictions due to pressure from the Donald Trump administration, but equations have changed in the current circumstances. Officials of Indian refining companies believe that the American exemption granted for oil imports from Russia will be extended. What is the Hormuz route, why is it important for India? The Hormuz Route is the world’s most important oil route. It is located between Oman and Iran. About 20% of the world’s crude oil passes through here. This route is important for India because oil being shipped from Saudi Arabia, Iraq and UAE comes through this route. ​