U.S. Treasury Secretary claims India has stopped buying Russian oil after Trump tariffs

The Hindu
The Hindu
2h ago
U.S. officials say Trump’s tariff policy has pushed India to stop buying Russian oil, while India disputes the fairness of the U.S. action and defends its energy policy.
U.S. Treasury Secretary claims India has stopped buying Russian oil after Trump tariffs
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Key insights

  • 1

    Tariffs used to pressure energy trade decisions: The U.S. administration is linking tariffs to countries’ purchases of Russian oil, and Bessent claims this has changed India’s buying behavior.

  • 2

    Dispute over energy policy sovereignty: India rejects the U.S. measure as unfair and emphasizes that its energy choices are driven by national interest.

  • 3

    Potential escalation via secondary tariffs: A proposed U.S. Senate bill would impose very high tariffs on secondary purchase and reselling of Russian oil, indicating possible tougher enforcement tools.

A What happened
At Davos, U.S. Treasury Secretary Scott Bessent told Fox Business that India began buying Russian oil after the Ukraine war started but has now “geared down” and “stopped buying Russian oil” following tariffs imposed by U.S. President Donald Trump. says Trump imposed 50% tariffs on India, including 25% linked to its purchases of Russian oil. Bessent also accused Europe of buying Russian oil and thereby funding Russia’s war against Ukraine. India has described the U.S. action as unfair, unjustified, and unreasonable, and said its energy policy is guided by national interest. The excerpt also notes a bill introduced by Senator Lindsey Graham proposing a 500% tariff on secondary purchase and reselling of Russian oil.

Topics

World & Politics International Affairs Diplomacy Business & Markets Energy & Commodities Trade & Tariffs

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