Unicaus NEWS
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, says U.S. Treasury Secretary Scott Bessent
Updated – January 24, 2026 04:23 pm IST – MUMBAI
U.S. Treasury Secretary Scott Bessent attends the 56th annual World Economic Forum (WEF) meeting in Davos, Switzerland, January 20, 2026. | Photo Credit: Reuters
Trade tensions escalated in August when U.S. President Donald Trump doubled tariffs on Indian goods to 50%, including a 25% levy in response to India’s imports of Russian crude.
Also Read | India falls to third position in Russian fossil fuel imports in December as Reliance slashes crude buy
“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,” Mr. Bessent said in an interview with Politico at the World Economic Forum.
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 reported on Friday (January 23), citing trade data.
Mr. Bessent’s remarks came amid heightened pressure from Mr. Trump, who earlier warned that tariffs could increase further unless India curtails its Russian oil purchases.
Published – January 24, 2026 04:20 pm IST
Related Topics
USA / Donald Trump / imports / Russia / diplomacy / trade dispute / India-United States
