Treasury Secretary Scott Bessent explained the differential treatment in tariffs on India and China, despite both the countries buying Russian oil.
Bessent Slams India’s $16 Billion Gain From Russian Oil
Bessent, during his conversation with CNBC’s “Squawk Box”, on Tuesday, pointed fingers at India for allegedly profiting from the import of low-priced Russian oil amid the ongoing Ukraine crisis. He termed this act as “arbitrage” and found it to be inappropriate and stated that India is purchasing inexpensive Russian oil and then reselling it, a practice he dubbed as “Indian arbitrage” which he called “unacceptable.”
Bessent further revealed that India has garnered $16 billion in surplus profits from this activity, favoring some of the country’s richest families. India procures Russian oil at a reduced …