India has stopped buying Russian oil after US President Donald Trump imposed a 25 percent tariff, US Treasury Secretary Scott Bessent said on Tuesday. Speaking at the World Economic Forum, Bessent told Fox Business that New Delhi had "geared down and stopped" purchases of Russian crude following the tariff decision.
"India started buying Russian oil after the conflict began," Bessent said, referring to the Ukraine war. "But President Trump put a 25 percent tariff on them, and India has geared down and has stopped buying Russian oil."
India has consistently defended its earlier purchases, arguing that energy sourcing decisions are driven by global market conditions and the need to keep fuel affordable for its population.
A Bill Proposing Tariffs as High as 500%
Bessent's remarks come as Washington weighs a proposed Russia Sanctions Bill authored by Republican Senator Lindsey Graham. The legislation would enable the US to impose tariffs of at least 500 percent on countries that continue to buy Russian oil. While the bill has received political clearance from Trump, it is still awaiting approval in the United States Senate.
"On the 500 percent tariff on the buyers of Russian oil, that is a proposal that Senator Graham has in front of the Senate," Bessent said. He added that the administration believes Trump already has sufficient authority under existing law, though lawmakers want to formalise it.
China and Europe Face Sharper Criticism
While India was cited as a positive example, Bessent directed his strongest criticism at China and Europe. "We have Europe buying Russian oil, still, four years later," he said. "They are financing the war against themselves."
China, one of Russia's largest energy buyers, remains the primary target of the proposed punitive tariffs. US officials have repeatedly argued that Beijing's purchases of discounted Russian crude are helping fund Moscow's war effort.
Graham has said the bill would give Trump "tremendous leverage" over countries such as China, India and Brazil, helping to choke off what he described as the financing of Russia's war in Ukraine.
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