US Treasury Secretary Scott Bessent has said that India has halted its purchases of Russian crude oil in the aftermath of tariffs imposed by President Donald Trump on nations trading energy with Moscow.
“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,” Bessent said while speaking with Fox Business.
Notably, the US President announced a cumulative 50 per cent tariff on Indian goods, 25 per cent of which was specifically linked to India’s procurement of Russian energy supplies.
US Senate mulls tough tariff on Russian oil trade
A new bill introduced by US Senator Lindsey Graham proposes a steep 500 per cent tariff on countries and companies that buy and resell Russian oil. The proposal has received almost unanimous support in the Senate Foreign Relations Committee, signalling strong political backing.
Speaking about the bill, Bessent said the proposal is currently before the Senate and its future depends on whether lawmakers approve it. He added that the White House believes President Donald Trump already has the power to impose such measures under the International Emergency Economic Powers Act (IEEPA). However, Bessent noted that the Senate wants to formally grant this authority through legislation.
Bessent also criticised European countries, accusing them of continuing to purchase Russian oil years after the start of the Ukraine war. He said these purchases were effectively helping to finance Russia’s military actions. According to him, Europe was still buying Russian oil nearly four years into the conflict, despite the consequences for its own security.
