DAVOS, Jan 22: US Treasury Secretary Scott Bessent claimed that India has “stopped” purchasing oil from Russia following President Donald Trump’s imposition of a 25 per cent tariff on countries buying oil from Moscow.
Trump has levied 50 per cent tariffs on India, including the 25 per cent penalty specifically for its Russian oil purchases.
In an interview with Fox Business, Bessent stated, “India started buying Russian oil after the (Ukraine) conflict began, but President Trump put a 25 per cent tariff on them, and India has geared down and has stopped buying Russian oil.”
India has described the US action as “unfair, unjustified and unreasonable,” emphasizing that its energy policy prioritizes national interests. As the world’s third-largest oil importer, India became the top buyer of discounted Russian crude after Western sanctions post-Russia’s February 2022 invasion of Ukraine.
A bill by Senator Lindsey Graham proposes a staggering 500 per cent tariff on secondary purchases and reselling of Russian oil, gaining near-unanimous support in the Senate Foreign Relations Committee.
Commenting on the bill, Bessent noted it aims to grant Trump explicit authority, though he believes the President can act under the International Emergency Economic Powers Act (IEEPA). He also accused Europe of continuing to buy Russian oil, “financing the war against themselves” four years into the Ukraine conflict.
India dropped to third place among Russian fossil fuel buyers in December after Reliance Industries and state-owned refiners sharply reduced crude imports, according to the Centre for Research on Energy and Clean Air (CREA).
