US Treasury Secretary Scott Bessent said some of India’s wealthiest families benefited from purchases of Russian crude, while reaffirming plans to raise tariffs on the country, Bloomberg reports.
In a CNBC interview, Bessent said secondary tariffs would target India for buying sanctioned Russian oil. Before Russia’s 2022 invasion of Ukraine, less than 1% of India’s oil came from Russia; today it accounts for about 42%, he noted. “They made $16 billion on excess profits — some of the richest families in India,” he added.
The remarks appear aimed at energy tycoons including Mukesh Ambani’s Reliance Industries Ltd., which operates the world’s largest refinery and has bought Russian crude under long-term contracts.
Earlier this week, White House trade adviser Peter Navarro criticized India’s Big Oil lobby in the Financial Times, saying the surge in imports was driven by profit, not domestic needs.
President Trump’s administration has threatened 50% tariffs on Indian exports to the US, half tied to Russian oil purchases. India has defended its right to buy the cheapest oil, calling the tariffs “unreasonable.”
Historically reliant on Middle Eastern oil, India increased Russian imports after the 2022 invasion and the G7’s $60-per-barrel price cap. Bessent said China, which imports more Russian crude than India, faces no similar tariffs due to its more diversified oil sources.
