Meanwhile, US President Donald Trump has warned the war against Iran, which began last Saturday, could stretch on for four to five weeks, external or longer, external.
On Wednesday, Petronet LNG, India’s top gas importer, issued a force majeure, external notice to its supplier, QatarEnergy and its local buyers after its LNG tankers were unable to reach the loading terminal at Ras Laffan in Doha.
The Gas Authority of India Ltd (Gail) and Indian Oil Corp (IOC) have already begun reducing gas supplies to industrial customers, Reuters news agency reported, external on Tuesday.
In terms of oil, India imports 90% of its crude.
Around half of this, which amounts to 2.5 to 2.7 million barrels a day, travels through the Strait of Hormuz, largely from Iraq, Saudi Arabia, the United Arab Emirates and Kuwait.
Experts say that a supply crunch due to the closure of the strait could to lead to inflation and push up India’s fiscal deficit.
With the waiver in place, about 145 million barrels of Russian crude which remain on the water could potentially be redirected toward Indian ports if commercial deals are finalised, Sumit Ritolia, lead research analyst at Kpler, told the BBC.
“However, the waiver does not fundamentally change India’s structural exposure to Middle Eastern supply flows,” he added.
Russian oil makes up an estimated 20% of India’s total imports. The waiver marks a notable shift in the US approach to India’s Russian oil imports.
Not long ago, Trump imposed 50% tariffs on India, including a 25% levy for importing oil from Russia. Trump alleged India’s purchase of Russian oil was helping fund Russia’s war in Ukraine.
India has always defended its purchase of Russian crude, saying that it needs to meet the energy needs of its vast population and has the right to do business with its trading partners.
But since late 2025, India reportedly began reducing its imports of Russian crude and has since boosted its crude oil purchases from the US.
In February, Trump announced a trade deal with India which slashed tariffs to 18%.
He wrote on his Truth Social platform that Indian Prime Minister Narendra Modi had “agreed to stop buying Russian oil, and to buy much more oil from the United States and, potentially, Venezuela”.
India has never officially confirmed reducing its imports of Russian crude and maintains it will not allow its trading relations to be dictated by other countries.