U.S. Treasury Secretary Scott Bessent on Tuesday accused India of profiteering from its sharply increased purchases of Russian oil during the war in Ukraine, saying Washington viewed the situation as unacceptable.

U.S. Treasury Secretary Scott Bessent on Tuesday accused India of profiteering from cheap Russian oil, saying the country has boosted its reliance on Moscow’s crude from less than 1% before the Ukraine war to 42% today, reaping an estimated $16 billion in excess profits through resale.

Treasury Secretary Scott Bessent on Tuesday accused India of “profiteering” from Russian crude oil purchases, calling the Narendra Modi government’s policy “unacceptable.” In an interview with CNBC on Tuesday morning,