US Treasury secy slams India-EU FTA , says Europe chose trade over Ukraine

US Treasury Secy Scott Bessent criticised EU's trade deal with India, saying Brussels prioritised commercial interests over support for Ukraine and indirectly financing Russia through oil purchases

US Treasury Secretary Scott Bessent sharply criticised Europe’s recent Free Trade Agreement (FTA) with India, saying the deal showed that the Continent had placed commercial priorities above its stated concern for Ukraine.

 

Speaking to CNBC, Bessent expressed disappointment at Europe’s stance. “They should do what’s best for themselves, but I find the Europeans very disappointing,” he said, noting that the agreement came despite the ongoing war in Ukraine.

 

His remarks came a day after the European Union (EU) finalised the long-pending trade pact with India, aimed at expanding bilateral trade and reducing Europe’s dependence on the US amid rising global trade tensions.

 

EU prioritised trade over US tariffs on India, says Bessent

 

Bessent said the trade deal explained why the EU had declined to align with the US decision to impose higher tariffs on India last year.

 

“The Europeans were unwilling to join us because they wanted to do this trade deal,” he said. “So every time you hear a European talk about the importance of the Ukrainian people, remember that they put trade ahead of the Ukrainian people.”

 

Bessent accuses EU of indirectly financing Russia’s war

 

Bessent accused European countries of indirectly funding Russia’s war effort through their energy purchases. He explained that Russian crude oil is sent to India, refined, and then sold to Europe.

 

“The Russian oil goes into India, the refined products come out, and the Europeans buy the refined products. They are financing the war against themselves,” he said.

 

The Treasury Secretary noted that he had raised similar concerns last week, ahead of the formal conclusion of the trade agreement. In an earlier interview with ABC News, he highlighted that Washington had imposed 25 per cent tariffs on India over its purchases of Russian oil, even as Europe proceeded with the trade deal.

 

“We have put 25% tariffs on India for buying Russian oil. Guess what happened last week? The Europeans signed a trade deal with India,” Bessent said. “And just to be clear again, the Russian oil goes into India, the refined products come out, and the Europeans buy the refined products. They are financing the war against themselves.”

 

US-Europe relations under strain

 

Bessent’s remarks underscore growing tensions between the US and Europe. Relations had already been unsettled after President Donald Trump threatened tariffs on certain European imports over Greenland, a threat that was later dropped.

 

He emphasised that the US had applied greater pressure on Moscow than Europe in efforts to end the Russia-Ukraine conflict. “Trump has worked to negotiate a settlement on the Russia-Ukraine conflict,” Bessent said, adding that the United States had made much bigger sacrifices than Europe.