US grants 30-day waiver allowing purchase of Russian oil on 30 tankers.
Ships carry 19mn barrels crude, refined fuels stranded amid Strait Hormuz disruptions.
India, China remain key buyers as sanctions limit Russian oil access globally.
The US has issued a 30-day waiver allowing countries to purchase sanctioned Russian oil and petroleum products on about 30 tankers in Asian water already at sea, reported Bloomberg.
The vessels are reportedly carrying at least 19mn barrels of Russian crude and 310,000 tonnes of refined products, according to ship-tracking compiled by Bloomberg. The product is mainly naphtha, crucial for producing plastics, and some diesel, prices of which have surged since Iran effectively closed the Strait of Hormuz.
2 March 2026
Get the latest issue of Outlook Business
The crude is being carried on 25 vessels, with grades such as Sokol on ships near China. There’s also a number of tankers in the Arabian Sea that are mainly loaded with the medium-sour Urals blend.
The ships are signalling “for orders”—meaning they have no clear destination yet–or indicating they are going to Singapore or Malaysia.
The US Treasury expanded a similar clause that had allowed Indian refiners to purchase the sanctioned crude by granting a month-long waiver to import Russian oil loaded prior to March 12. Hundreds of ships transporting refined and crude goods, including jet fuel and diesel, are stranded behind the Strait of Hormuz at the time of the US action.
China has, along with India, been one of the few buyers of Russian crude and products—which were sold at a discount after the US sanctions that are meant to limit Moscow’s access to funds for the war in Ukraine. Other countries like Japan and South Korea, have avoided the Russian barrels due to sanctions.
Sanctions and Oil Trade
Following Russia's invasion of Ukraine, the West imposed sanctions on Russian energy in an effort to reduce Moscow's oil export earnings. Global markets still depend on Russian crude, though. Despite sanctions, Russia continues to be one of the world's biggest oil exporters, shipping millions of barrels every day, according to the International Energy Agency (IEA).
A large number of shipments have been diverted at reduced prices to Asian consumers, including China and India. While keeping pressure on Russian revenues, analysts observe that temporary waivers and price caps are frequently employed to prevent serious supply disruptions in international fuel markets.
