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'India Has Stopped Buying Russian Oil': US Treasury Secy

'India Has Stopped Buying Russian Oil': US Treasury Secy Claims New Delhi Geared Down After Trump’s 25% Tariff
US Treasury Secretary Scott Bessent said President Donald Trump needs Senate approval to impose 500% tariffs on Russian oil buyers, saying India has halted imports while the threat targets China.
US Treasury Secretary Scott Bessent said on Tuesday that President Donald Trump does require Senate authorisation to impose 500% tariffs on countries that purchase Russian oil.
Having said that the implied tariff threat was aimed at China, rather than India this time.
Regarding India, the Treasury Secretary said that New Delhi has halted its purchases of Russian oil following the Trump administration's decision to impose a 25% tariff.
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Bessent was referring to the Russia Sanctions Bill, which authorises the United States to levy tariffs of at least 500% on countries that continue to buy Russian oil. President Donald Trump approved the bill earlier this month.
In an interview to Fox Business, Bessent said, “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. 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.”
The White House official criticised Europe for continuing to purchase Russian oil, while stating that New Delhi has stopped buying it.
He said, “We have Europe buying Russian oil, still, four years later, they are financing the war against themselves. 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."
He also slammed China, one of the largest purchasers of Russian oil. For some time, the United States has been considering imposing tariffs of up to 500 percent on China over its continued imports of Russian crude.
India's response on 500% bill
Addressing the bipartisan US Russia Sanctions Bill, the Ministry of External Affairs said that India is aware of the proposed legislation and is closely tracking all related 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 said.
On January 8, US Senator Lindsey Graham, while releasing details of the bill, said the proposed legislation would grant President Trump “tremendous leverage” over countries such as China, India, and Brazil to pressure them into halting purchases of discounted Russian oil, which he said helps finance President Vladimir Putin's war against Ukraine.
In October last year, Bessent said that 85 US senators have expressed support for granting President Trump the authority to impose tariffs of up to 500 percent on China over its purchase of Russian oil.
Source: ZeeNews
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