India asks US to extend waiver for Russian oil purchases

India has asked Washington to extend a US license easing sanctions on Russian oil beyond its May 16 expiration date, Bloomberg reported, citing sources familiar with the matter.

The report said New Delhi viewed the issue of securing energy supplies as a priority amid ongoing volatility in global oil markets.

Bloomberg also noted that India is already facing shortages of liquefied petroleum gas used for cooking.

Analysts at Kpler said India had purchased record volumes of Russian oil. According to their data, oil flows to India reached 2.3 million barrels per day in May.

The analysts projected that daily oil flows could total 1.9 million barrels by the end of the month.

The US granted India a special waiver in March allowing it to continue purchasing Russian oil in an effort to ease pressure on global oil markets.

Washington renewed its approval for New Delhi’s Russian oil purchases on April 18, extending the license through May 16.

US Treasury Secretary Scott Bessent said on April 22 that more than 10 countries had requested extensions of the license.

Indian refining companies had reduced imports of Russian oil last year under pressure from the US and amid threats of 25% tariffs on Indian goods.

After turning to suppliers in Saudi Arabia and Iraq, India purchased only 1.1 million barrels per day of Russian oil in February. That figure was half the level recorded in mid-2025.

However, the military conflict in the Middle East and the blockade of the Strait of Hormuz altered the situation. Reuters reported that Indian companies began urgently purchasing millions of barrels of Russian oil in early March.

The Hindu reported that India faced the risk of an energy crisis. According to the newspaper, the country’s crude oil reserves were sufficient to cover only 25 days of consumption. The situation turned the resumption of Russian oil imports into a matter of national security.

Russia’s ambassador to New Delhi, Denis Alipov, said in late April that Russia was prepared to supply as much crude oil as India was willing to accept.

Alipov said the cooperation on oil supplies under current conditions was highly beneficial for India. He also said relations between Russia and New Delhi had remained stable despite “enormous geopolitical upheavals.”

Russian Foreign Minister Sergey Lavrov said in May that Moscow would ensure compliance with energy supply agreements with New Delhi despite pressure from other countries.

Lavrov said Russia valued its reputation as a reliable supplier and always fulfilled its obligations in the sector.