EU Skipped Tariffs On India Over Russian Oil For Trade Deal Talks, Says US Treasury Secretary

Last Updated:January 24, 2026, 20:35 IST

Bessent said that before Russia’s invasion of Ukraine, Russian oil made up only 2–3 per cent of India’s total imports. After the invasion, the share rose to 18–19 per cent.

US Treasury Secretary Scott Bessent. (Photo: AFP file)

As India and the European Union move closer to concluding their long-pending trade agreement, the United States has claimed that its tariff measures played a key role in sharply reducing India’s purchases of Russian oil.

US Treasury Secretary Scott Bessent said Washington’s decision to impose tariffs on India for buying Russian crude had led to a “collapse" in Indian refinery purchases. He contrasted this with what he described as the reluctance of European countries to take similar steps.

“We put 25 per cent tariffs on India for buying Russian oil, and the Indian purchases by their refineries of Russian oil have collapsed. So that is a success. The tariffs are still on. The 25 per cent Russian oil tariffs are still on. I would imagine that there is a path to take them off, so you know that that’s a check and a huge success," Bessent said in an interview with Politico.

He also criticised European nations, saying, “I will also point out that our virtue signalling European allies refused to do it because they wanted to sign this big trade deal with India."

Bessent said that before Russia’s invasion of Ukraine, Russian oil made up only 2–3 per cent of India’s total imports. After the invasion, the share rose to 18–19 per cent, which he said helped Indian refiners earn “huge profits".

“…but in the ultimate act of irony and stupidity, guess who was buying the refined products from the Indian refineries made from Russian oil ..the Europeans. They are financing the war against themselves," he said.

Apart from tariffs on India, the US has also imposed sanctions on Russia’s two biggest oil firms, Rosneft and Lukoil, in an effort to restrict Moscow’s ability to fund the war.

The European Union has backed Washington with multiple rounds of sanctions. Its 18th sanctions package, adopted in July 2025, bans imports of petroleum products refined from Russian crude through third countries. The EU later announced its 19th package of sanctions.

Despite US tariff pressure, India and the EU have made rapid progress on their trade talks over the past six months. Officials say nearly 20 of the 24 negotiating chapters have been closed, with talks expected to conclude next week.

Meanwhile, US trade data shows India’s imports from Russia fell by more than 18 per cent between April and October last year, while imports from the US rose by 62 per cent during the same period.

India has also signed a one-year deal for American liquefied petroleum gas imports and has opened parts of its nuclear sector amid Washington’s push for energy cooperation.

Earlier this month, US Senator Lindsey Graham said President Donald Trump had approved a proposed Russia sanctions Bill that would impose 500 per cent tariffs on countries trading Russian oil and uranium.

News world EU Skipped Tariffs On India Over Russian Oil For Trade Deal Talks, Says US Treasury Secretary

Read More