India Will Soon Buy Less Russian Oil And More US Oil, Says US Treasury Secretary

US Treasury Secretary Scott Bessent said that India may soon reduce its reliance on Russian oil and shift to US oil. In an interview with Fox News, Bessent said that both India and China have played a significant role in sustaining Russia’s war efforts through continued oil purchases.

“There are already sanctions on Russia,” Bessent said, adding that US President Trump has urged NATO countries to impose tariffs on China if it continues buying Russian oil. “The real culprits here have been China and India in terms of buying Russian oil. They are keeping the Russian war machine going.”

Bessent also highlighted that the US has imposed an additional 25% tariff on India due its purchase of Russian oil and expects a shift in India’s buying patterns. “I think soon we're gonna see a rebalancing where they're buying less Russian oil, more American oil,” he said.

He emphasised that cutting off Russia’s oil revenue is key to ending the war. “It’s my strong belief that India is going to start rebalancing over the next few weeks and months. And we will see a diminishment of Russian oil in favour of US oil.”

Bessent also suggested that similar action against China could accelerate the end of the conflict, but stressed the need for support from NATO and European allies.

He further added, “Do you think, in your estimation, you've run all the numbers, would this war be possible now, were it not for China and India's involvement in those purchases? Absolutely not.  So they're keeping the war going. But as I said, it's my strong belief that India is going to start rebalancing  over the next few weeks and months. And we will see a diminishment of Russian oil in favour of US oil.”