According to OilPrice, India's crude oil imports have sustained near-record levels in July despite the expiration of a U.S. waiver that had permitted the purchase of Russian oil transported by tankers. The Biden administration allowed the waiver to lapse on June 17, coinciding with renewed U.S.-Iran negotiations on a nuclear deal framework.
The continued flow of Russian crude into Indian ports reflects the timing of previously arranged cargoes that likely fell within the window covered by the now-expired waiver. Industry observers note that many July shipments were likely contracted during the period when U.S. policy explicitly permitted such transactions, creating a lag effect between waiver expiration and actual import volumes.
India's sustained appetite for Russian oil underscores the geopolitical complexities surrounding energy markets and sanctions policy. As a major purchaser of Russian crude, India has navigated competing pressures from Western allies while maintaining energy security, positioning itself as a crucial market for displaced Russian supply amid global supply chain disruptions.