U.S. Secretary of the Treasury Scott Bessent additionally accused Europe of shopping for Russian oil and funding Russia’s battle towards Ukraine.
| Photograph Credit score: AP
U.S. Treasury Secretary Scott Bessent has claimed that India has “stopped” shopping for oil from Russia after U.S. President Donald Trump imposed a 25% tariff on nations buying oil from Moscow.
Mr. Trump has imposed 50% tariffs on India, together with 25% for its purchases of Russian oil.
Talking with Fox Enterprise, Mr. Bessent mentioned, “India began shopping for Russian oil after the (Ukraine) battle started, however President Trump put a 25% tariff on them, and India has geared down and has stopped shopping for Russian oil.”
India had described the U.S. motion as “unfair, unjustified and unreasonable” whereas sustaining that its power coverage is guided by its personal nationwide curiosity.
A Invoice launched by Senator Lindsey Graham has proposed a 500% tariff on secondary buy and reselling of Russian oil. The proposal has near-unanimous backing within the Senate International Relations Committee.
Whereas talking on the Invoice, Mr. Bessent mentioned that it’s a proposal that Senator Graham has in entrance of the Senate and “we are going to see whether or not that passes. We do not imagine that President Trump wants that authority, that he can do it below IEEPA, however that the Senate desires to offer him that authority.”
Mr. Bessent additionally accused Europe of shopping for Russian oil and funding Russia’s battle towards Ukraine.
“And simply, simply to be clear that we have now Europe shopping for Russian oil, nonetheless, nonetheless, or 4 years later, they’re financing the battle towards themselves,” Mr. Bessent added.
India fell to 3rd place amongst consumers of Russian fossil fuels in December after Reliance Industries and state-owned refiners sharply lower crude oil imports, in accordance with the Centre for Analysis on Power and Clear Air (CREA).
India, the world’s third-largest oil importer, emerged as the most important purchaser of discounted Russian crude after Western nations shunned Moscow following its February 2022 invasion of Ukraine.
Printed – January 22, 2026 09:16 am IST
