U.S. Treasury Secretary Claims India Has Stopped Buying Russian Oil

Davos: U.S. Treasury Secretary Scott Bessent asserted on Wednesday that India has effectively stopped purchasing Russian oil, crediting President Donald Trump’s 25% tariff on countries buying Russian crude for prompting New Delhi to scale back imports sharply.

Speaking to Fox Business on the sidelines of the World Economic Forum in Davos, Bessent stated: “India started buying Russian oil after the (Ukraine) conflict began, but President Trump put a 25% tariff on them, and India has geared down and has stopped buying Russian oil.”

The remark underscores Washington’s ongoing efforts to curb Russia’s energy revenues through secondary sanctions and tariffs, including a proposed bill that could impose up to 500% tariffs on continuing buyers, though Bessent noted stronger warnings are directed at China.

Trump previously imposed a cumulative 50% tariff on certain Indian goods, with 25% explicitly linked to Russian energy purchases.