U.S. Treasury Secretary Scott Bessent said Washington intends to increase tariffs on Indian goods after accusing New Delhi of profiteering from discounted Russian crude bought during the war in Ukraine. In a CNBC interview on Tuesday, Bessent called India’s practice of refining and reselling the oil an “unacceptable arbitrage.” Bessent noted that Russian crude now accounts for 42 percent of India’s total oil imports, up from less than 1 percent before Russia’s 2022 invasion, and estimated Indian refiners have earned roughly $16 billion in excess profits from the trade. Industry data show India imported about 1.5 million barrels per day of Russian crude in July. The threat deepens trade friction between the two countries. President Donald Trump earlier this month imposed an additional 25 percent duty on Indian exports, lifting cumulative extra levies to roughly 50 percent, and warned of further “secondary” tariffs on buyers of Russian oil. Bessent contrasted India’s surge in purchases with China, whose share of Russian crude rose more modestly to about 16 percent, underscoring Washington’s focus on curbing Moscow’s revenue without broadening penalties to other major buyers.