Whalesbook
US Claims India Cut Russian Oil Purchases
US Treasury Secretary Scott Bessent asserted that India has significantly scaled back its purchases of Russian crude oil. He directly linked this alleged move to trade actions initiated by former President Donald Trump, specifically mentioning a 25 percent tariff. Bessent stated India had begun buying Russian oil after the Ukraine conflict commenced but has since reduced and stopped such imports following the imposition of tariffs.
Proposed 500% Tariff Legislation
These remarks emerged during discussions about a proposed 500 percent tariff bill targeting countries engaging in trade with Russia. US Senator Lindsey Graham is reportedly the author of this legislation, which specifically aims at nations that continue to buy and resell Russian oil, with India and China noted as major purchasers. Graham indicated that former President Donald Trump has approved the bill, which contemplates tariffs of up to 500 percent on secondary purchases of Russian crude.
India's Official Stance
India has not officially confirmed the extent of any reduction in Russian oil imports. However, the External Affairs Ministry spokesperson Randhir Jaiswal acknowledged awareness of the proposed US legislation. Jaiswal stated that India is closely tracking developments amid increasing pressure from Washington. He reiterated India's position that energy sourcing decisions are driven by market conditions and the imperative to ensure affordable energy for its population. Washington's objective is reportedly to curtail revenues that fund Russia's ongoing war in Ukraine.