Trump's Russia oil waiver: What it means for India

US President Donald Trump has waived sanctions, restrictions, and duties under the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, citing US national interest. The waiver provides relief to major Russian oil buyers, including India and China, ahead of provisions that would have imposed tariffs of up to 100%. Russia remains India's single largest oil supplier, and the waiver allows India to continue large-scale crude imports without economic fallout. Had tariffs been imposed, they would have hit exporters since the US is India's largest trading partner, and sanctions could have made Russian crude unviable amid Middle East tensions. The waiver may also ease India-US trade deal talks, with Commerce Minister Piyush Goyal hinting a draft is nearly ready. However, India still faces competition from China for Russian crude, as Chinese demand has intensified, potentially pushing India toward costlier alternatives.