Washington, DC, January 27
US Treasury Secretary Scott Bessent has accused European nations of indirectly financing the Russia-Ukraine war by purchasing oil products refined in India using Russian crude, even as Washington has imposed tariffs on New Delhi over its energy ties with Moscow.
His remarks come ahead of a high-level summit where India and the European Union are expected to formally announce the conclusion of negotiations on a comprehensive free trade agreement.
Speaking to ABC News on Sunday, Bessent defended the Trump administration's decision to levy steep duties on Indian imports, arguing that Europe's continued energy-linked trade contradicts its stated security position.
"We have put 25 per cent tariffs on India for buying Russian oil. Guess what happened last week? The Europeans signed a trade deal with India," Bessent said.
"And just to be clear again, the Russian oil goes into India, the refined products come out, and the Europeans buy the refined products. They are financing the war against themselves," he added.
Bessent said the United States has imposed punitive tariffs and pushed for decoupling from Russian energy, while European governments continue to benefit from what he described as gaps in the global oil supply chain.
He maintained that Washington has absorbed a larger share of the economic and political burden, while also working towards a negotiated settlement of the conflict.
Under Trump's leadership, Bessent said, "we will eventually end" the war.
The comments come amid renewed friction over trade and energy policy across the Atlantic, with Washington expressing frustration over what it views as Europe's selective implementation of sanctions.
The free trade agreement between India and the EU, first initiated in 2007, is expected to anchor a broader economic and strategic partnership as global trade dynamics shift.
The Trump administration has imposed tariffs of up to 50 per cent on Indian goods, including a 25 per cent levy directly linked to India's imports of Russian oil.
These measures were doubled in August, further escalating trade tensions between Washington and New Delhi.
However, Bessent recently indicated that tariff relief could be considered.
Speaking to Politico on the sidelines of the World Economic Forum, he said Indian refinery purchases of Russian crude had declined significantly.
"Indian purchases by their refineries of Russian oil have collapsed. So that is a success. The tariffs are still on, 25 per cent tariffs for Russian oil are still on. I would imagine there is a path to take them off," Bessent said.
- ANI
Reader Comments
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.