The US is considering lifting tariffs on India after a decline in Russian oil imports

The United States is considering lifting tariffs on Indian exports after India significantly reduced its imports of Russian oil. US Treasury Secretary Scott Bessent hinted at this during the World Economic Forum in Davos, Switzerland.

He emphasized that purchases of Russian oil by Indian refineries have "plummeted," which he considers a success of US pressure.

However, he noted that tariffs are still in place, including a 25% rate imposed last year in response to Russian oil imports. "I assume there is a path to their removal," Bessent said.

Russian oil imports to India fell to a two-year low in December, while OPEC's share of the Indian market reached an 11-month high.

Bessent's comments come at a time when US President Donald Trump is once again increasing pressure on India and warning of further tariffs if the country does not stop buying Russian oil.

(reuters, pir)