According to reports, the existing US authorization allowing India to import Russian crude oil is set to expire on May 16. The waiver was first approved in March and later expanded to help stabilize global oil markets by allowing additional crude supplies.India has reportedly approached Washington seeking an extension as the disruption in the Strait of Hormuz continues to put pressure on global energy supplies. Indian officials have also told the US that ensuring stable energy supplies remains a priority and warned that prolonged instability in oil markets could have macroeconomic consequences.Read this also India seeks waiver from US on Russian oil as energy supplies disrupted due to Iran war: ReportReacting to the development, Congress accused the Modi government of compromising India’s sovereignty and energy security.“The Modi government’s capitulation to the US on the country’s energy security is a price the entire country is paying due to the acute shortage of petrol, diesel and gas. First, the Modi government stopped buying cheap oil from Russia at the behest of the US. Then, in the midst of the war, the US gave India a ‘concession’ to buy oil from Russia, which is ending on May 16.”“Now, once again, instead of taking decisions in the national interest, the Modi government is begging Trump for permission to buy oil from Russia,” it said.While Russian oil is not subject to blanket sanctions, the United States has repeatedly urged India to reduce concessional purchases from Moscow as part of its efforts linked to the Ukraine war, Bloomberg reports.Russian crude imports into India continued to remain high as refiners stepped up purchases ahead of the rebate deadline. Inflows reached 2.3 million barrels per day in May, according to Kpler data, supported by provisions allowing already loaded cargo to continue arriving. Kpler estimates monthly flows could still average 1.9 million barrels per day.In April, the US Treasury Department extended sanctions waivers on Russian oil, allowing the purchase of Russian crude oil and petroleum products that had already been loaded onto ships by that date. The discount will be valid until 12:01am (0401 GMT) on May 16, replacing the previous discount that expired on April 11.Meanwhile, Reuters reported that India rejected Russia’s offer to supply liquefied natural gas (LNG) cargoes that fall under US sanctions despite rising energy pressure linked to tensions in the Middle East. The decision has reportedly left at least one Russian-bound LNG shipment stuck near Singapore while negotiations over permitted supplies continue.