Scott Bessent, the US Treasury Secretary, has issued a statement criticizing India’s practices related to Russian oil. He accused India of generating substantial profits by reselling the oil. Bessent clarified during a CNBC interview that India is purchasing oil from Russia and subsequently reselling it. He stated that India’s profits have reached $16 billion (1600 crore rupees). He also justified the US tariffs against India and addressed the rationale behind not penalizing China. Bessent pointed out that prior to the Ukraine war, less than 1% of India’s oil was sourced from Russia, a figure that has since increased to 42%. Bessent regards this as unacceptable opportunistic behavior. He said China was not penalized because its imports of Russian oil are lower than India’s. Before the war, 13% of China’s oil came from Russia, which has risen to 16%.
