The US Treasury Secretary, Scott Bessent, has criticized India for profiting from the resale of Russian oil, alleging that it has amassed billions of dollars. In an interview, Bessent stated that India is buying Russian oil and then reselling it for profit. Bessent noted that India has made a profit of $16 billion, and he argued against what he viewed as opportunistic arbitrage. He further pointed out that before the conflict in Ukraine, less than 1% of India’s oil supply originated from Russia, but now this figure has reached 42%. Bessent defended the US decision to impose tariffs on India, explaining that China was not subject to the same penalties because China’s oil imports from Russia are lower than India’s. He noted that prior to the Ukraine war, 13% of China’s oil was from Russia, which has now increased to 16%.
