Europe funding war via Russian oil routed through India: US Treasury chief

The US imposed 25 per cent tariffs on India for buying Russian oil, but the Europeans signed a trade deal with New Delhi, Treasury Secretary Scott Bessent said as he emphasised that Europe is financing the "war" against itself by purchasing refined Russian oil products from India.

President Donald Trump has worked to negotiate a settlement on the Russia-Ukraine conflict, Bessent said, adding that the US has made much bigger sacrifices than the Europeans.

"We have put 25 per cent tariffs on India for buying Russian oil. Guess what happened last week? The Europeans signed a trade deal with India," Bessent told ABC News Sunday.

 

"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," he said, adding that under Trump's leadership, "we will eventually end" the Russia-Ukraine war.

The Trump administration has imposed 50 per cent tariffs on India, including 25 per cent for Delhi's purchases of Russian oil.

India and the European Union are set to announce on January 27 the conclusion of negotiations and finalisation of a free trade agreement, aimed at boosting economic ties between the two regions amid disruptions in global trade due to US tariffs. The talks started in 2007.

European Commission President Ursula von der Leyen, who is currently in India and was the Chief Guest at the 77th Republic Day celebrations in New Delhi, has termed the EU-India FTA as the "mother of all trade deals".