India Halts Russian Oil Purchases After US Tariffs, Treasury Chief Claims

By Staff, Agencies

India has stopped buying Russian oil following tariffs imposed by US President Donald Trump, according to US Treasury Secretary Scott Bessent.

Speaking at the World Economic Forum in Davos, Bessent said that India had increased purchases of Russian crude after the Ukraine conflict began but scaled them back after Washington imposed tariffs.

He claimed that New Delhi has now “geared down and stopped buying Russian oil” following a 25% tariff decision by Trump.

Bessent made the remarks while discussing a proposed US bill that would impose a 500% tariff on countries continuing to trade with Russia.

He argued that Trump does not require Senate approval to impose such measures, saying the president could act under the International Emergency Economic Powers Act, even as some lawmakers seek to formally grant that authority.

The United States imposed a total 50% tariff on India in August, with half of it linked directly to India’s energy trade with Russia.

New Delhi, however, has not confirmed any halt or reduction in Russian oil purchases. Indian officials have repeatedly said the country’s energy policy is guided by national interest and stated they are closely monitoring the proposed US legislation.

Russia has been India’s largest oil supplier since 2022, accounting for roughly 36% of its crude imports, despite mounting Western sanctions on Russian energy companies.