The United States has accused India of capitalizing on discounted Russian oil imports during the ongoing Ukraine war, labeling the practice as arbitrage. Treasury Secretary Scott Bessent criticized India for purchasing cheap Russian crude, refining it, and reselling it globally, allegedly generating significant profits. According to a CNBC report, Bessent stated on “Squawk Box” that India’s actions amount to profiteering, with some of the country’s wealthiest families earning an estimated $16 billion in excess profits. India has become Russia’s top oil buyer since the 2022 invasion of Ukraine, importing 1.5 million barrels per day (bpd) in July, surpassing China, which imported about 1 million bpd, per Kpler data.
