U.S. Treasury Secretary Scott Bessent on 19 August accused India of “profiteering” from the war in Ukraine, citing a jump in Russian crude to 42 percent of India’s oil imports from less than 1 percent before the conflict. He told CNBC that Indian traders had re-exported refined products derived from discounted Russian barrels, generating an estimated US$16 billion in excess profits, a practice he called “unacceptable.” Bessent said Washington will impose an additional 25 percent tariff on Indian goods starting 27 August, arguing that higher duties are needed to curb what he described as an arbitrage trade benefiting some of India’s wealthiest families. He contrasted India’s rapid build-up with China’s more modest increase in Russian oil purchases, from 13 percent of its intake to about 16 percent, and suggested no equivalent tariff action against Beijing for now. Despite the pressure, India’s two largest state-run refiners—Indian Oil Corp. and Bharat Petroleum Corp.—have resumed buying Russian Urals crude for September and October delivery, according to company officials and traders cited by Reuters. The refiners had paused spot purchases in July but returned after discounts widened to roughly US$3 a barrel, making Russian supply cheaper than Middle-East alternatives. Moscow signalled confidence that India will keep importing its oil and proposed trilateral talks with New Delhi and Beijing on a “greater Eurasian partnership.” Analysts say Chinese refiners have been quick to pick up cargoes relinquished by India, but Russian officials noted that a 5–7 percent price concession keeps their barrels attractive for South Asian buyers even under the looming U.S. tariffs.