US Treasury Secretary Scott Bessant has given a soft signal regarding India. He said that the 25% tariff imposed on India, which was imposed due to increase in Russian oil imports, can be removed in future. According to Bessent, the tariff is still active, but India has reduced the import of Russian crude to a great extent. The Trump administration had imposed this tariff after the Ukraine war to prevent India from buying cheap Russian oil. Bessant claims that after this Russian oil buying by Indian refineries almost collapsed and the policy succeeded in its goal. Before the war, Russia’s share in India’s oil imports was only 2–3%, which reached high teens due to discounts. After US pressure, India increased sourcing from Middle East, Africa and Latin America. He also mentioned the hypocrisy of Europe, which speaks out against Russia but buys refined fuel.
US gave soft signal to India, 25% Russian Oil Tariff may be removed. Paisa Live | The US has given India a soft signal; the 25% tariff on Russian oil may be removed
