Washington – US Treasury Secretary *Scott Bessent* has accused India ofmaking “illicit profits” by purchasing large quantities of cheap Russiancrude oil and reselling it at higher prices in the global market. Heclaimed that during the Ukraine war, India exploited discounted Russianoil, refining it into petroleum products and exporting them to Europe andother regions, generating billions in profits for its major corporationsand wealthiest families.
Speaking at a press conference, Bessent said, *“This is unacceptable forthe United States. It is both opportunism and profiteering.”* He allegedthat Russia now supplies around *42% of India’s oil needs*, a dramatic risefrom just *1% before the war*. According to him, Indian refiners sold theseproducts abroad, earning nearly *$16 billion in extraordinary profits*.
Bessent drew a comparison with China, stating that while China’s Russianoil imports remained between *13% and 16%*, they were consistent withpre-war levels and not opportunistic in nature. Energy analyst Matt Smithnoted that Russian oil trades at a discount due to Western sanctions, andIndia has taken full advantage of the price gap.
Reports suggest that India refines Russian crude into petrol and dieselbefore exporting it to European countries, which have imposed direct banson Russian oil. Since Russia’s full-scale invasion of Ukraine in February2022, India’s imports from Moscow have surged dramatically.
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In response to these allegations, US President *Donald Trump* has imposedan additional *25% tariff* on Indian products linked to Russian oil,bringing total duties to as high as *50%*. US trade advisor *Peter Navarro*also warned New Delhi that Washington would take harsher measures if Indiacontinues importing Russian crude.
As tensions escalate, upcoming *US–India trade talks* have been postponedindefinitely, and a planned US trade delegation visit to New Delhi has beencanceled. Analysts warn that these developments could strain diplomatic andtrade relations between Washington and New Delhi, while also fuelingvolatility in global energy markets and reshaping geopolitical alignments.