US Treasury Secretary Scott Bessent said the reduction in Russian oil imports by Indian refineries showed that Washington’s pressure tactics had worked. Speaking in an interview with Politico, Bessent said the United States had imposed a 25 per cent tariff on India over its oil trade with Russia and that the move had delivered results. “We put 25 per cent tariffs on India for buying Russian oil. And the Indian purchases, by their refineries, of Russian oil have collapsed. Bessent later reiterated his claims while speaking to Fox News on the sidelines of the World Economic Forum in Davos, saying India had “geared down” and stopped buying Russian oil after the tariffs were imposed.

Source: Indian Express January 24, 2026 12:34 UTC