US Hints at Removing 25% Tariff on Indian Purchases of Russian Oil

• US Treasury Secretary Scott Bessent indicated a potential removal of the 25% tariff on India for buying Russian crude oil.
• Bessent stated the tariff was 'successful' as Indian refineries significantly reduced Russian oil purchases.
• The tariff's removal would allow India to buy cheaper Russian oil, potentially lowering petrol and diesel prices and aiding inflation control.
• India's energy security would be strengthened, and US-India trade relations could improve.
• India is the world's third-largest oil importer, and Russia became a major supplier post-Ukraine war before tariffs.

Why It Matters: US may lift 25% tariff on Indian purchases of Russian oil, benefiting India's energy and economy.