U.S. gives India waiver to buy Russian oil

Group 1 - The US has granted India a conditional 30-day waiver to purchase Russian oil, which is seen as a temporary relief for the depreciating rupee and is expected to positively impact Indian refiners [2][1] - India has not ceased its purchases of Russian oil, maintaining a significant import level despite US pressure, which has reduced the share of Russian oil from 34% in November to around 20% in February [3][2] - The waiver is intended to facilitate the flow of oil into global markets and specifically applies to Russian crude that is already stranded at sea, serving as a short-term measure to alleviate energy supply pressures [2][4] Group 2 - Recent developments indicate that two vessels carrying Russian oil arrived in India, which were initially destined for East Asia, suggesting that India is utilizing Russian oil to compensate for disrupted Middle Eastern supplies [5][4] - The Indian government is actively diversifying its oil purchases globally and has not ruled out buying Russian oil, although it has not provided specific comments on the recent shipments [5][6] - The timing of the arrival of these vessels in relation to the US waiver raises questions about India's future negotiations with Iran regarding oil transport through the Strait of Hormuz [6]