US Treasury Secretary Accuses India of 'Profiteering' from Russian Oil
US Treasury Secretary Scott Bessent accused India of profiteering from Russian oil imports on August 19, 2025, amid the Ukraine conflict that began in February 2022, noting that India’s purchases surged from less than 1% to 42% of its total oil imports, yielding an estimated $16 billion in excess profits through resale of refined products. Bessent contrasted this with China’s diversification, where Russian oil imports rose modestly from 13% to 16%, while US President Donald Trump imposed a 25% tariff on Indian exports effective August 7, 2025, with an additional 25% set for August 27 if no trade deal is reached, escalating tensions. Democrats in Congress argued that penalizing India undermines sanctions against Russia and risks alienating a key Indo-Pacific ally.
