U.S. Treasury Secretary Scott Bessent has said that India has “stopped” purchasing oil from Russia following a 25% tariff imposed by U.S. President Donald Trump on countries buying oil from Moscow.
Mr. Trump has imposed steep tariffs on India, totalling 50%, including a 25% levy linked to its purchases of Russian oil.
Speaking to Fox Business, Scott Bessent said that India began purchasing Russian oil after the Ukraine conflict started but claimed that following a 25% tariff imposed by President Donald Trump, India has scaled back and stopped buying Russian oil.
India had termed the U.S. move “unfair, unjustified, and unreasonable,” while reiterating that its energy decisions are driven by national interest.
Meanwhile, a Bill introduced by Senator Lindsey Graham proposes imposing a 500% tariff on the secondary purchase and resale of Russian oil. The measure has received near-unanimous support from the Senate Foreign Relations Committee.
Commenting on the Bill, Scott Bessent said it remains a proposal before the Senate and that its fate will depend on whether it is passed. He added that the administration does not believe President Donald Trump requires additional authority, as he can act under existing powers, but noted that the Senate appears keen to formally grant him that authority.
Mr. Bessent also criticized Europe for continuing to buy Russian oil, accusing it of financing Russia’s war effort. He said that despite the passage of four years, Europe remains reliant on Russian oil and is “financing the war against itself.”
India slipped to third position among purchasers of Russian fossil fuels in December after Reliance Industries and state-run refiners significantly reduced crude oil imports, according to the Centre for Research on Energy and Clean Air (CREA).
India, the world’s third-largest oil importer, had earlier emerged as the leading buyer of discounted Russian crude after Western nations distanced themselves from Moscow following its invasion of Ukraine in February 2022.