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Speaking on the sidelines of the World Economic Forum (WEF) in Davos during an interview with Fox Business, Bessent provided key updates on Senator Lindsey Graham's Russia Sanctions Bill that eyes 500% tariffs, including its intended targets, and the process to passage.
Amid concerns over a potential 500% tariff on India and others for purchases of Russian oil, US Treasury Secretary Scott Bessent on Tuesday hinted that New Delhi could be exempt from the Donald Trump administration's levy, claiming that it had stopped purchases from Moscow.
Speaking on the sidelines of the World Economic Forum (WEF) in Davos during an interview with Fox Business, Bessent provided key updates on Senator Lindsey Graham's Russia Sanctions Bill that eyes 500% tariffs, including its intended targets, and the process to passage.
What did Bessent say about India's oil purchases from Russia?
Commenting on purchases of Russian oil, the US Treasury Secretary asserted that while India had been a purchaser, it had "geared down" and "stopped" buying oil from Moscow.
"India started buying Russian oil after the conflict began, but President Trump put a 25% tariff on them, and India has geared down and has stopped buying Russian oil," declared Bessent.
While asserting that India had stopped Russian oil purchases, Bessent took a dig at Europe, saying, "We have Europe buying Russian oil, still, four years later. They are financing the war against themselves."
Commenting on Beijing, Bessent said, "China is a very large buyer of Russian oil, as they are of Iranian oil."
Bill before Senate, but does Trump need approval?
"On the 500% tariff on the buyers of Russian oil, that is a proposal that Senator Graham has in front of the Senate and we will see whether that passes," Bessent said, commenting on the status of the bill.
"We don't believe that President Trump needs that authority, that he can do it under IEPA, but that the Senate wants to give him that authority," he added, hinting that Trump could unilaterally impose said tariffs.
In October last year, Senator Graham, who introduced the bill, had claimed that 85 US Senators were willing to give Trump the authority to slap 500% tariffs on China for the purchase of Russian oil.
Subsequently, while making the details of the bill public on 8 January, Senator Graham had declared that it would give Trump "tremendous leverage against countries like China, India and Brazil to incentivize them to stop buying the cheap Russian oil that provides the financing for Putin's bloodbath in Ukraine."
What has India said on the proposed tariffs?
After Senator Graham's public disclosure that the bill was seeking to target India among others, India's Ministry of External Affairs (MEA) had said that it was aware of the measure being discussed and was keeping track of developments.
"We are fully aware of the proposed bill being discussed, and we are carefully monitoring all related issues and developments connected with it," MEA spokesperson Randhir Jaiswal had said earlier this month.
He had also commented on India's approach to the question of energy, saying, "We take into account the conditions and environment in the global market, while also keeping in mind our imperative of ensuring that energy is made available at affordable prices to our 1.4 billion people. Based on these factors, we determine our strategy and policy."
English (US) ·