Bessent argued that while Washington has pushed to destabilise Moscow’s energy trade, Europe continues to benefit economically from loopholes in the global oil trade.
The United States has warned that Europe is financing a “war” against itself by signing the “mother of all trade deals” with India. US Treasury Secretary Scott Bessent said Europe may have significantly phased out direct energy ties with Moscow, but they are indirectly funding the Russia-Ukraine war by purchasing Russian oil products refined in India, even as Washington targeted New Delhi with tariffs.
Bessent’s remarks came as India and the European Union concluded negotiations on their long-pending free trade agreement, with the deal set to be formally announced on Tuesday.
What The US Said
Bessent framed the issue as an imbalance in sacrifice between the United States and its allies. He argued that while Washington has pushed to destabilise Moscow’s energy trade, Europe continues to benefit economically from loopholes in the global oil trade. The Trump administration has imposed 50 per cent tariffs on India, including 25 per cent for Delhi’s purchases of Russian oil.
He claimed that US President Donald Trump has worked to negotiate a settlement on the Russia-Ukraine conflict, adding that the US has made much bigger sacrifices than the Europeans.
“We have put 25 per cent tariffs on India for buying Russian oil. Guess what happened last week? The Europeans signed a trade deal with India,” Bessent told ABC News Sunday.
“And just to be clear again, the Russian oil goes into India, the refined products come out, and the Europeans buy the refined products. They are financing the war against themselves,” he said, adding that under Trump’s leadership, “we will eventually end” the Russia-Ukraine war.