India's reliance on Russian oil during the crisis underscores its vulnerability to disruptions in the Strait of Hormuz. The waiver has provided temporary relief but also exposed the limitations of U.S. sanctions in the face of physical trade route blockages. For India, the situation has economic implications, including potential inflation and currency pressures. Meanwhile, Russia benefits from a vital market, and Iran retains leverage over global energy flows, challenging U.S. geopolitical strategies.