Treasury Chief Scott Bessent Accuses India Of Profiteering From Russian Oil Trade
India-West News Desk
WASHINGTON, DC — In the latest salvo from the US, Treasury Secretary Scott Bessent on August 18, once again accused India of exploiting Western sanctions on Russia by reselling discounted crude oil for profit, calling the practice “arbitrage” and warning it was unacceptable.
“They are just profiteering. They are reselling,” Bessent told CNBC’s Squawk Box. “This is what I would call the Indian arbitrage — buying cheap Russian oil, reselling it as product.”
He claimed the trade has generated “$16 billion in excess profits — some of the richest families in India.” Mukesh Ambani and his Reliance companies are known beneficiaries.
Since Russia’s full-scale invasion of Ukraine in February 2022, India’s imports of Russian crude have surged from negligible levels to 1.5 million barrels per day in July, according to data from Kpler, CNBC said. Much of the crude is refined into gasoline and diesel, which analysts say is then exported to markets that have sanctioned Moscow, it reported.
China remains Russia’s second-largest customer, importing about 1 million barrels per day. Asked why Beijing was not facing similar penalties, Bessent suggested China’s role was viewed differently because it had been a major Russian buyer before the war.
Some analysts say that India’s purchase surge was at the behest of Western nations.
Earlier this month, President Donald Trump ordered an extra 25% tariff on Indian exports to the U.S. to punish New Delhi for its oil purchases.
Daljit Singh
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It is typical of the MAGA elite of double-talk. Their prejudicial statements have deep roots that are worthy of reading in Harold R. Isaacs (1980). Scratches on Our Minds: American Views of China and India. It is no wonder, poorly educated white Americans, yahoo types, and there are several in the MAGA administration, who are racists to the core of their bone marrow against Indians. We are not surprised by the actions and dealings with India.
August 19, 2025Inder walia
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What wrong if India is profiting? If there is opportunity To make money why not. It’s not illegal. India is a sovereign country and has rights to make its independent decisions.
August 19, 2025Natarajan Sivsubramanian
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They are making certain vested interests to become super rich in the country country’s economy is controlled by these India inc s syndicated tycoons
August 19, 2025They tell govt and finance minister with a list of
“To do” and “not to do”. Why this Anil Ambani and
Rs 17000 crores drama (nataka) is going on
These are all eye wash foreign powers are watching all kinds of drama going on india if a common man borrows money banks will not allow him to behave
Like Anil. Common man has to give collateral security
And financial guarantee how the banks are sanctioning loans without collateral security
All bank officials managers regional mgrs executive director managing director chairman all are
Involved when bank employees strike took place the general Secretary of the union threatened govt and IBA he will disclose the complete list of borrowers and outstanding amounts note all sanctioned loans are commissionable like travel agents and
Advertising agencies
Wonderful democracy
Crony capitalism
That is why foreign govts are making fun of India
FreePerson
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So it’s okay for Europe and US to sell from their old armament stockpiles for billions, that has killed more than 1M young people.
US seems to find some war somewhere so it can use its “old” stockpiles and killed people in millions, including the U.S. residents/citizens, that have ruined their families lives!
Also, if seller decides to sell to buyers at the price they can afford, why are we jealous?
If you notice he is spinning every time he opens his mouth new thing.
Wish these attack dogs, Bessent, Navarro, Miller, er al, would talk to Usha Vance for some perspective about how to deal with friendly countries.
Since he is mentioning Ambani, I can see who prompted that fake Field Marshall from Pakistan to say next time he will bomb Ambani.
Plans are drawn in Tampa with US high commands for next battle against India.
That’s what friends are for! Beware India of US!
August 19, 2025pemba
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Deliberately turning the blind eye.
August 21, 2025