Title: India is just profiteering: Top US official on why China isn’t tariffed over Russian oil
The ongoing debate over tariffs on oil imports has taken a new turn, with US Treasury Secretary Scott Bessent recently defending the imposition of tariffs on India for purchasing Russian oil. Speaking ahead of the tariff deadline, Bessent claimed that India is “just profiteering” from Russian oil, unlike China, which has a diversified import of its oil.
The comments come as the US and other Western countries have imposed sanctions on Russia over its invasion of Ukraine, which has led to a surge in oil imports from Russia to other countries, including India. India has been buying more oil from Russia, with the country’s oil imports from Russia rising from 1% to 42% since 2020.
According to Bessent, China’s oil imports from Russia have also increased, but the country has a diversified import of its oil, unlike India. “Pre-invasion, 13% of China’s oil was already from Russia…now it’s 16%. So, China has a diversified import of their oil,” he said.
In contrast, India’s oil imports from Russia have increased significantly, with the country now relying on Russia for over 40% of its oil imports. Bessent claimed that India is profiteering from Russian oil, saying, “India is just profiteering…Indian arbitrage of Russian oil is unacceptable.”
The comments have been met with criticism from India, with the country’s government and oil companies defending their decision to buy oil from Russia. India has maintained that it is necessary to secure its energy needs, and that it is not violating any international sanctions.
The US has imposed tariffs on oil imports from Russia, as part of its efforts to punish the country for its actions in Ukraine. The tariffs are expected to increase the cost of oil imports for countries that buy oil from Russia, including India.
The issue of tariffs on oil imports has been a contentious one, with the US and other Western countries trying to reduce their dependence on Russian oil. India, on the other hand, has been looking to secure its energy needs, particularly in the wake of the COVID-19 pandemic.
In recent years, India has been trying to diversify its energy sources, including increasing its imports of oil from other countries such as the US. However, the country still relies heavily on imports to meet its energy needs, with oil imports accounting for over 80% of its energy consumption.
The issue of tariffs on oil imports is likely to be a major point of contention in the coming months, as the US and other Western countries continue to impose sanctions on Russia over its actions in Ukraine. India, on the other hand, is likely to continue to focus on securing its energy needs, and may be forced to consider alternative sources of oil.
In conclusion, the comments from US Treasury Secretary Scott Bessent have highlighted the complex issue of tariffs on oil imports. While the US has imposed tariffs on oil imports from Russia, India has been buying more oil from Russia, with the country’s oil imports from Russia rising from 1% to 42% since 2020. The issue is likely to be a major point of contention in the coming months, as the US and other Western countries continue to impose sanctions on Russia over its actions in Ukraine.
