United States Treasury Secretary Scott Bessent has accused European nations of indirectly financing Russia’s war in Ukraine by purchasing refined oil products originating from Russian crude processed in India. His remarks come amid ongoing geopolitical tensions over energy trade and sanctions linked to the conflict in Eastern Europe.
In an interview aired on Sunday, Bessent alleged that while European leaders publicly condemn Russia’s actions in Ukraine, their trade practices are undermining those positions. According to the US official, Russian crude oil is being sold to India, refined into petroleum products, and then exported to European markets, effectively allowing Russian energy revenues to continue flowing despite sanctions.
Bessent further argued that this dynamic places Europe in a contradictory position, as it continues to rely on energy products tied to Russia while portraying itself as economically and politically opposed to Moscow’s military campaign. He described the situation as Europe “financing the war against itself,” pointing to what he views as a gap between public policy statements and commercial realities.
The treasury secretary also criticized the European Union’s trade approach toward India, claiming that Brussels has refrained from imposing tariffs on Indian imports in order to safeguard ongoing trade negotiations. This, he suggested, contrasts sharply with Washington’s stance, which has included the imposition of tariffs on India over its continued purchase of Russian oil.
“We have put 25 percent tariffs on India for buying Russian oil,” Bessent said during the interview. He added that shortly afterward, European leaders moved ahead with a trade agreement with India, reinforcing his claim that the EU is prioritizing economic interests over a unified sanctions strategy.
His comments come at a sensitive moment, as India and the European Union move closer to finalizing a long-negotiated Free Trade Agreement. The proposed pact has been described by officials on both sides as a landmark economic deal, with the potential to significantly expand trade and investment ties. Negotiations have gained renewed momentum in recent months, despite global economic uncertainty and geopolitical strains.
India has consistently defended its energy procurement strategy, arguing that affordable oil imports are essential for its economic stability and development. New Delhi has maintained that its purchases are driven by national interest and that it complies with international law. European officials, for their part, have emphasized efforts to reduce dependence on Russian energy while managing inflation and supply concerns within their own economies.
Bessent’s remarks highlight growing transatlantic friction over how sanctions on Russia are enforced and the broader implications of global energy markets. As the war in Ukraine continues, disagreements over trade, tariffs, and energy flows remain a key challenge for Western allies seeking to balance economic interests with geopolitical objectives.
