India Faces Political Scrutiny Over Russian Oil Purchases: US Accuses of Profit-Making Amid Ukraine War
The ongoing conflict in Ukraine continues to generate increasing international concern, especially concerning economic and political interests involving North America, Europe, and Asia.
Recent statements by US Treasury Secretary Scott Bessent highlight Washington’s growing unease with India’s oil procurement practices amid the ongoing war.
Bessent emphasized that India is profiting from Russian oil purchases by exploiting what he called “Indian arbitrage”—buying cheap Russian oil and reselling it as a newly emerging product during wartime.
Official data indicates that Russia’s share in India’s oil imports was below 1% in early 2022, but now it has surged to 42%.
In the same context, the US notes that China has reduced its purchases from Russia from 13% to 16%, remaining a key partner.
Such actions raise concerns about potential geopolitical implications and the balancing act nations face between economic interests and political responsibility.Additional tensions may emerge from diplomatic negotiations.
Rumors suggest that Indian Prime Minister Narendra Modi may meet former US President Donald Trump, hinting at possible shifts in bilateral relations.
Experts observe that the US has increased its stance against Russia’s oil trade by imposing additional tariffs on Indian goods—earlier, Trump announced a 25% tariff increase as a retaliatory measure, bringing the total import tariffs for India to 50%.
These measures highlight the closer diplomatic ties between India and China, as both countries intensify their diplomatic exchanges amidst mounting geopolitical pressures.