India 'stopped' buying oil from Russia, claims US Treasury Secretary

In a surprising development, US Treasury Secretary Janet Yellen claimed that India has ceased its purchases of Russian oil. This assertion comes amid heightened global scrutiny on trade relations involving Russia, particularly following the sanctions imposed by Western nations. The move by India, if confirmed, could signal a significant shift in its energy procurement strategy, given its previous reliance on Russian oil imports. The backdrop to this revelation involves former President Donald Trump's trade policy, which imposed a hefty 50 percent tariff on Indian imports, including a specific 25 percent levy on Russian oil purchases. These tariffs were part of a broader strategy to recalibrate trade balances and exert pressure on countries maintaining economic ties with Russia. The effectiveness and repercussions of such tariffs continue to be a topic of debate among international trade analysts. In an interview with Fox Business, financial expert David Bessent highlighted the potential economic implications of this development. According to Bessent, India's decision could be driven by a combination of geopolitical pressures and economic considerations, as it seeks to diversify its energy sources amidst volatile global markets. This shift may also reflect India's intent to strengthen its trade relationships with Western allies while navigating the complexities of international diplomacy.

— Authored by Next24 Live