WASHINGTON: US Treasury Secretary Scott Bessent on Tuesday (Aug 19) accused India of profiteering from its elevated purchases of Russian oil through the struggle in Ukraine, saying Washington seen the observe as unacceptable.
Bessent informed CNBC that Russian oil now accounted for 42 per cent of India’s whole oil imports, up from lower than 1 per cent earlier than the struggle. He contrasted that with China, the place Russian oil imports rose modestly to 16 per cent from 13 per cent.
“India is simply profiteering. They’re reselling,” Bessent stated. “What I’d name Indian arbitrage – shopping for low-cost Russian oil, reselling it as product – has simply sprung up through the struggle, which is unacceptable.”
TRUMP TARIFFS
US President Donald Trump this month introduced a further 25 per cent tariff on Indian items as punishment for New Delhi’s Russian oil purchases, bringing the whole further duties on Indian exports to 50 per cent since he took workplace.
Trump has credited the tariffs with rising stress on Russian President Vladimir Putin to work towards ending the struggle in Ukraine. He has to this point stopped in need of imposing related duties on China over its oil imports from Russia.
Requested in regards to the lack of tariffs on China, Bessent stated the state of affairs was “utterly completely different” as a result of Beijing was a long-term purchaser and had not engaged within the sort of “arbitrage” seen with India.
