India to keep Russian oil imports near current levels after Trump waiver
India is expected to keep importing Russian crude at close to current levels after US President Donald Trump waived sanctions and tariffs mandated by a new law on major buyers of Russian oil, analysts said.
Trump issued an executive order late on Friday waiving the "sanctions, restrictions, and duties" under the Lindsey O.
Graham Sanctioning Russia and Iran Act, a day before a 30-day deadline for enforcement expired.
He signed the law on September 18.
The law authorised tariffs of up to 100 per cent on goods from the five largest importers of Russian crude and gas, and sanctions on Russia's shadow fleet of tankers.
The waiver is not specific to India and could also benefit China.
The order lets the administration reconsider it later.
India is the largest importer of Russian seaborne crude, averaging 1.8 million barrels per day this year, ahead of China at 1.2 million, ship tracking data showed.
Italy, Turkey and the Netherlands completed the top five.
India took about 1.82 million
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