US Hints at Rolling Back 25 Pc Tariffs on India 'Russian Oil Purchase'
Sat 24 Jan 2026, 14:28:19
US Treasury Secretary Scott Bessent on Friday (local time) hinted that the additional 25 per cent tariffs imposed on India could be removed, claiming that India’s purchases of Russian oil have dropped sharply following the US move, which he termed a “huge success”.
Speaking to Politico on the sidelines of the World Economic Forum in
Davos, Bessent said Indian refinery purchases of Russian oil have “collapsed” due to the tariffs.
Davos, Bessent said Indian refinery purchases of Russian oil have “collapsed” due to the tariffs.
He suggested that while the tariffs remain in place for now, there is a diplomatic “path” to remove them if India shifts its energy sourcing, adding that the measures have delivered tangible benefits to the American economy.
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