India, Russian oil and US Treasury
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We are following the discussions regarding a peace deal between Russia and Ukraine, and what the negotiations might mean for global energy markets.
Former Foreign Secretary Kanwal Sibal on Wednesday rejected US accusations that India is "profiteering" from Russian oil, calling the claim "pure humbug" and accusing Washington of double standards in its own energy practices.
New Delhi has been recalibrating its foreign policy more toward China and other BRICS group members after U.S. President Donald Trump threatened to boost tariffs.
New Delhi’s imports of oil from Russia had jumped from less than 1% before the war to 42%, claimed United States Treasury Secretary Scott Bessent.
U.S. Treasury Secretary accuses India of profiteering by reselling Russian oil, sparking tensions with the U.S. and China.