U.S. Treasury Secretary hints at possible tariff relief for India as Russian oil imports drop

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Indian purchases by their refineries of ⁠Russian lipid person collapsed. So that is simply a success. The tariffs are inactive on, ‌25% tariffs for Russian lipid ‌are inactive on. I would ideate determination ‍is a way to instrumentality them off, says U.S. Treasury Secretary ‍Scott Bessent

Updated - January 24, 2026 04:23 p.m. IST - MUMBAI

U.S. Treasury Secretary Scott Bessent attends the 56th yearly World Economic Forum (WEF) gathering successful Davos, Switzerland, January 20, 2026. | Photo Credit: Reuters

U.S. Treasury Secretary ‍Scott Bessent connected Friday (January 23, 2026) signalled the potential removal of an additional 25% tariffs ‌on India pursuing a sharp simplification successful Indian imports of Russian oil.

Trade tensions escalated successful August erstwhile U.S. President Donald Trump doubled tariffs connected Indian goods to 50%, including a 25% levy ⁠in effect to India’s imports of Russian crude.

Also Read | India falls to 3rd presumption successful Russian fossil substance imports successful December arsenic Reliance slashes crude buy

“Indian purchases by their refineries of ⁠Russian lipid person collapsed. So that is simply a success. The tariffs are inactive on, ‌25% tariffs for Russian lipid ‌are inactive on. I would ideate determination ‍is a way to instrumentality them off,” Mr. Bessent said successful ‍an interrogation with Politico astatine the World Economic Forum.

India’s Russian lipid imports successful December dropped to their lowest successful 2 years, lifting OPEC’s stock of Indian lipid imports to ⁠an 11-month high, Reuters reported connected Friday (January 23), citing trade data.

Mr. Bessent’s remarks came amid heightened ⁠pressure from Mr. Trump, who earlier warned that tariffs could summation further unless India curtails its Russian lipid ⁠purchases.

Published - January 24, 2026 04:20 p.m. IST