Russian oil import dips, US hints at relief to India

Calling the drastic fall in India’s Russian oil imports in the face of sweeping 50 per cent tariffs from the Trump administration a ‘success,’ US Treasury Secretary Scott Bessent has indicated that the punitive tariff of 25 per cent imposed on Indian goods may be relaxed. Bessent’s remarks came amid heightened pressure from President Trump, who earlier warned that tariffs could increase further unless India curtails its Russian oil purchases. India’s Russian oil imports in December dropped to their lowest in two years, lifting OPEC’s share of Indian oil imports to an 11-month high

- REUTERS

US Treasury Secretary Scott Bessent Friday signalled the potential removal of additional 25% tariffs on India following a sharp reduction in Indian imports of Russian oil.

Trade tensions escalated in August when US President Donald Trump doubled tariffs on Indian goods to 50%, including a 25% levy in response to India’s imports of Russian crude.

“Indian purchases by their refineries of Russian oil have collapsed. So that is a success. The tariffs are still on, 25% tariffs for Russian oil are still on. I would imagine there is a path to take them off,” Bessent said in an interview with Politico at the World Economic Forum.