US media reports: After the US granted India a temporary exemption to purchase Russian oil, Indian refiners have already bought approximately 30 million barrels of Russian oil.

According to Bloomberg, citing sources on the 10th local time in the United States, since the U.S. granted India a temporary exemption to purchase Russian oil, Indian refiners have bought approximately 30 million barrels of Russian oil.

The report states that under pressure from the U.S., India has been gradually reducing its Russian oil imports since 2025. Sources say that since last week’s approval by the U.S. for India to purchase Russian oil, Indian refiners—including state-owned oil companies and Reliance Industries—“have snapped up all unsold Russian crude in the spot market.” The report notes that this batch of oil has been loaded onto ships but not yet delivered, with most of it currently in Asian waters.

Bloomberg, citing traders, reports that state-owned Indian oil companies have purchased about 10 million barrels of Russian crude, with Reliance Industries’ purchases being comparable in volume.

Bloomberg states that both Indian state-owned oil companies and Reliance Industries did not respond to requests for comment. The report adds that U.S. Ambassador to India on the 11th stated on social media that India has been “an important partner in maintaining global oil price stability,” and that purchasing Russian crude is part of this effort.

U.S. Treasury Secretary Janet Yellen said on March 6 on Fox Business that to reduce the global temporary oil shortage, the U.S. has approved India’s purchase of Russian oil. India’s Financial Express reports that the U.S. Department of the Treasury’s Office of Foreign Assets Control issued a 30-day exemption allowing Indian refiners to buy Russian oil that was loaded onto ships before March 5 and destined for Indian ports, valid until April 4.

However, according to Indian media such as The Hindu, after the U.S. issued the 30-day exemption allowing India to temporarily purchase Russian oil, the Indian government on March 7 stated that it would continue to promote Russian oil imports, emphasizing that India’s procurement of such oil has never required any country’s permission. The Press Information Bureau of India issued a statement saying that India does not rely on “short-term exemptions” for such purchases, and that “India’s purchase of Russian oil has never depended on any country’s approval.” India will continue importing Russian oil until February 2026, and Russia remains India’s largest crude oil supplier.

Source: Global Times

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