Scott Bessent Accuses Europe of Financing Ukraine War Indirectly Through India

Washington: America's Treasury Secretary Scott Besant has made serious allegations against European countries. He says that Europe may have reduced purchasing energy directly from Russia, but it is indirectly funding the Russia-Ukraine war by purchasing refined petroleum products from India. According to Besant, these products are prepared from Russian crude oil in Indian refineries, which are then purchased by European countries.

What is America's argument behind imposing tariffs on India?

In an interview with ABC News, Besant said that the Trump administration has imposed heavy tariffs on goods coming from India because India is buying Russian oil. He said, "We imposed 25 percent tariffs on India because it is buying Russian oil. And at the same time Europe is signing trade deals with India." He claims that with this entire arrangement, Europe itself is weakening its security policy.

“Europe is funding a war against itself”—why was it said?

Besant clearly said that Russian oil comes to India, is refined there, and then the same product is bought by Europe.  According to him, “That means Europe is giving financial support to the war going on against itself.” He described this as a “disparity of sacrifice” between the US and its allies.

How does the Trump administration see itself in this matter?

Besant says that America imposed strict sanctions on Russia, suffered economic losses, and distanced itself from energy trade, while Europe is still getting economic benefits. He also said that Donald Trump is trying to end the Russia-Ukraine war, and under his leadership, “this war will finally end.”

What does the India-EU Free Trade Deal have to do with this?

These statements have come at a time when India and the European Union formally announced a major free trade agreement. This agreement has been completed after negotiations since 2007 and is considered the backbone of the economic partnership between India and the EU.

This deal is expected to provide huge benefits to India's sectors like textiles, chemicals, gems-jewellery, electrical machinery, leather, automobile and footwear.

How many tariffs has America imposed on India?

The Trump administration has imposed tariffs of up to 50 percent on Indian products, of which 25 percent is directly linked to Russian oil purchases. These tariffs were further increased in August, increasing tensions in India-US trade relations.

Is America now in a mood to give relief in tariffs?

In recent days, Besant has indicated that tariffs could be reduced. He said during the World Economic Forum that there has been a sharp decline in the purchase of Russian oil by Indian refineries.

In his words, "Russian oil purchases by Indian refineries have almost ended. This is a success. 25 percent tariffs are in place now, but there could be a way to remove them."

What do the statistics say?

According to Reuters, India's oil imports from Russia fell to a two-year low in December, while oil purchases from OPEC countries stood at an 11-month high.