U.S. official hints at removing Russian oil penalty levy on India
U.S. Treasury Secretary Scott Bessent on Friday signalled the potential removal of additional 25% tariffs on India following a sharp reduction in Indian imports of Russian oil.Trade relations soured last August when U.S. President Donald Trump imposed a 25% levy on top of the 25% ‘reciprocal tariffs’ in response to India’s imports of Russian crude.
“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 in Davos, Switzerland.
India’s Russian oil imports in December dropped to their lowest in two years, lifting the Organization of the Petroleum Exporting Countries (OPEC)’s share of Indian oil imports to an 11-month high, trade data show.
Mr. Bessent’s remarks came amid heightened pressure from Mr. Trump, who had earlier warned that tariffs could increase further unless India curtails its oil purchases from Russia.
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