'They refused to put tariffs on India because..': Scott Bessent attacks attacks Europe at Davos 2026

US Treasury Secretary Scott Bessent claimed that European allies declined the joint tariffs against India for importing Russian oil to prioritise a long-negotiated free trade agreement to be finalised next week. 

Bessent’s sly dig at Europe comes ahead of European Commission President Ursula von der Leyen’s visit to India to try to seal “the mother of all deals”. 

Calling US efforts to enforce 25 per cent penalties on third-country buyers since 2025 a “success”, he said in an interview with Politico: “I will also point out that our virtue signalling European allies refused to do it. Because they wanted to sign this big trade deal with India.”

During the interview, he also accused Europe of “financing the war against themselves” by buying Russian oil products from Indian refiners.

“In the ultimate act of irony and stupidity, guess who was buying the refined products?” Bessent said. The US Treasury Secretary added, “The Europeans.”

During the same conversation, he hinted that the 25 per cent penalty on India could be removed. “Our 25 per cent tariff has been a huge success. Indian purchases of Russian oil have collapsed. The tariffs are still on. I would imagine there is a path to take them off now.”

The US has imposed 50 per cent tariffs on India, including a 25 per cent penalty on its Russian oil purchases. New Delhi has repeatedly described the US action as “unfair, unjustified and unreasonable” while maintaining that its energy policy is guided by its national interest. 

Moreover, Republican Senator Lindsey Graham proposed a Bill to impose 500 per cent tariff on secondary purchase and reselling of Russian oil.

Speaking on the Bill, Bessent told Fox News that the proposal is in front of the Senate and “we will see whether that passes. We don’t believe that President Trump needs that authority, that he can do it under IEEPA, but that the Senate wants to give him that authority.”

In December this year, India fell to third place among buyers of Russian fossil fuels after Reliance Industries Ltd and state-owned refiners sharply cut crude oil imports from Moscow.