Treasury Secretary Scott Bessent on Tuesday accused India of “profiteering” from Russian crude oil purchases, calling the Narendra Modi government’s policy “unacceptable.” In an interview with CNBC on Tuesday morning,

In the past 10 days, US Treasury Secretary Scott Bessent has repeatedly targeted India for its energy trade with Russia.

US Treasury Secretary Scott Bessent said that he expected a substantial increase in tariff revenues from the $300 billion he forecast earlier this year, with the money to be used to start paying down the national debt.

Scott Bessent described America's reciprocal tariffs as a "melting ice cube," suggesting they could be reduced or eliminated altogether.

In an interview with CNBC, Bessent said India had made huge profits on the sale of Russian oil during the war in Ukraine.

But experts say India's refusal to reduce duties on agriculture and dairy products has been a major thorn in the negotiations. Trump's new 50% tariff rate on India is set to come into effect on 27 August, which some experts have said is akin to an embargo on trade between the two countries.

Bessent told CNBC in an interview that Russian oil now accounted for 42% of India's total oil purchases, up from under 1% before the war, and contrasted that with longtime buyer China, whose Russian oil purchases had increased to 16% from 13%.

Earlier in an interview with Fox Business, Bessent said India has been a "bit recalcitrant" on trade negotiations with the US

US Treasury Secretary Scott Bessent warned of potential increases in secondary tariffs on India if discussions between Presidents Trump and Putin don't progress favorably.

I could see, if things don’t go well, then sanctions or secondary tariffs could go up,” US treasury secretary Scott Bessent said.