US may lift India tariff over Russian oil

The United States has signalled there could be a path to easing its 25% tariff on India that was imposed over the purchase of Russian oil, even as the levy remains in place for now. “I would imagine there is a path to take them off,” Scott Bessent told Politico on the sidelines of the World Economic Forum in Davos.

Bessent said the tariff was imposed because India was buying Russian oil and argued it had worked as intended.

According to him, purchases of Russian oil by Indian refineries have since collapsed, which he described as a success.

“The purchases of Russian oil by their refineries has collapsed, so that is a success. The 25% Russian oil tariffs are still on,” he said.