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The remarks coincided with the formalisation of the India-EU FTA, hailed as the “mother of all trade deals.”
US Treasury Secretary Scott Bessent said on Sunday (January 25) that “They are financing the war against themselves,” criticising Europe for buying refined Russian oil products from India even as the United States imposed tariffs on Delhi for importing Russian crude.
“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.
He explained that Russia’s oil goes into India, is refined, and then sold to European countries—actions he described as undermining the economic pressure aimed at ending the Russia-Ukraine conflict.
“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 President Trump’s leadership, “we will eventually end the Russia-Ukraine war.”
India-EU trade deal announcement due
The remarks come ahead of the formal announcement of the India-European Union free trade agreement, finalised after 18 years of negotiations. European Commission President Ursula von der Leyen, attending India’s 77th Republic Day celebrations, called the pact the “mother of all trade deals.”
Negotiations for the FTA began in 2007, making it one of the longest-running trade discussions in recent history. The pact is expected to facilitate greater trade in goods and services between India and Europe and strengthen bilateral economic integration.
The FTA is expected to deepen economic ties between India and Europe, boosting trade in sectors such as textiles, chemicals, gems and jewellery, and machinery.
English (US) ·