India, June 24 -- The 60-day waiver on Iranian oil exports, issued by the US Treasury's Office of Foreign Assets Control on June 22 and flowing directly from the US-Iran Memorandum of Understanding signed five days earlier, is a significant development for India, as one whose implications extend well beyond the energy sector.

The scope of this waiver matters. Unlike the preceding 30-day measure, which was limited to seaborne Iranian oil sales, the current General License X covers the full supply chain: production, delivery, and sale of Iranian-origin crude, petrochemicals, and petroleum products. Crucially, it permits settlement in US dollar-denominated funds, removing a longstanding friction point for international buyers wary of altern...