India Stops Buying Russian Oil After US Tariff, Says Treasury Secretary
India has stopped buying Russian oil after US President Donald Trump imposed a 25% tariff, according to US Treasury Secretary Scott Bessent.
Speaking at the World Economic Forum, Bessent told Fox Business that New Delhi “geared down and stopped” purchasing Russian crude following the tariff.
Bessent explained, “India started buying Russian oil after the Ukraine conflict began. But after President Trump applied the 25% tariff, India has reduced and then stopped its Russian oil imports.”
India Defends Russian Oil Purchases as US Considers High Tariffs
India has defended its earlier purchases of Russian oil, saying that buying decisions depend on global market conditions and the need to keep fuel prices affordable for its people.
Proposed Tariffs Could Reach 500%
US Treasury Secretary Scott Bessent made these comments as Washington considers a Russia Sanctions Bill introduced by Republican Senator Lindsey Graham. The bill would allow the US to impose tariffs of up to 500% on countries that continue buying Russian oil.
Bessent explained, “The 500% tariff is a proposal before the Senate. The administration believes Trump already has enough authority under existing law, but lawmakers want to formalize it.”
China and Europe Under Heavy Criticism
While India was seen in a more positive light, Bessent criticized China and Europe sharply. “Europe is still buying Russian oil four years later,” he said, calling it “financing the war against themselves.”
China, one of Russia’s largest energy buyers, is the main target of the proposed tariffs. US officials argue that China’s purchases of discounted Russian crude are helping fund Moscow’s war effort.
Senator Graham said the bill would give Trump strong leverage over countries like China, India, and Brazil to cut off financing for Russia’s war in Ukraine.
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