Washington, Jan 27: US Treasury Secretary Scott Bessent has accused European nations of indirectly financing the Russia-Ukraine war by purchasing oil products refined in India from Russian crude, even as the Trump administration has imposed tariffs on Indian imports over its energy ties with Moscow.
Speaking to ABC News on Sunday, Bessent defended the US decision to levy steep duties on Indian goods, arguing that Europe’s 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,” he said.
Bessent explained, “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 emphasised that Washington has absorbed a larger share of the economic and political burden while simultaneously pursuing a negotiated settlement of the conflict.
The remarks come ahead of the formal conclusion of negotiations on a comprehensive India-EU Free Trade Agreement, first initiated in 2007, which is expected to strengthen economic and strategic cooperation between the two regions.
Bessent also noted progress under the Trump administration, pointing out that Indian refinery purchases of Russian crude have 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,” he said, leaving open the possibility of future tariff relief.
The US criticism highlights growing friction over trade and energy policies across the Atlantic, with Washington accusing Europe of selectively implementing sanctions while continuing to benefit from gaps in the global oil supply chain.