U.S. Treasury Secretary Scott Bessent has stated that India is expected to gradually reduce its purchases of Russian energy. This statement comes amidst ongoing discussions between the U.S. and India concerning Russian energy imports, which have been a point of contention in their bilateral relationship.
Bessent remarked on Fox News that President Trump had previously imposed a 25% tariff on India for its Russian oil purchases, suggesting that India would likely begin to wean itself off these imports. He also commented on European nations purchasing refined energy products from India.
These remarks were made shortly after a meeting between India’s External Affairs Minister S Jaishankar and Secretary of State Marco Rubio in New York. A senior State Department official confirmed that India’s Russian oil purchases were a significant topic of discussion. India currently faces a 50% tariff, including a 25% penalty, on its energy dealings with Russia.
The official expressed optimism about the ongoing “structured” conversations, anticipating a positive resolution within weeks. Sergio Gor, Trump’s nominee for U.S. Ambassador to India, had previously informed the Senate Foreign Relations Committee that a resolution was expected soon. Washington’s ultimate hope is for India to cease its Russian oil purchases entirely.
The U.S. has been actively encouraging European nations and G7 partners to implement sanctions against Russia and countries trading energy with Moscow. This strategy could also involve imposing tariffs on China for its support of Russia amidst the Ukraine war.
Former President Trump, in a speech at the UN General Assembly, criticized both China and India for funding the war through Russian oil purchases. He also expressed dissatisfaction that NATO countries had not significantly reduced their own Russian energy imports, labeling it as self-defeation.