India's Profiteering on Russian Oil Amid Ukraine Conflict

U.S. Treasury Secretary Scott Bessent accuses India of profiteering from Russian oil during the Ukraine war by purchasing at low prices and selling at higher rates. Bessent criticized this practice of Indian arbitrage in a CNBC interview, calling it unacceptable amid the ongoing conflict.

U.S. Treasury Secretary Scott Bessent has accused India of making significant profits by engaging in the resale of Russian oil. This action, he claims, has been particularly profitable during the ongoing war in Ukraine.

In a recent interview with CNBC, Bessent highlighted that India has been acquiring Russian oil at discounted rates and subsequently selling it at a much higher price.

He described this practice of 'Indian arbitrage' as unacceptable, emphasizing that such actions have emerged amid the geopolitical tensions provoked by the conflict in Ukraine.