U.S. Tariffs on Indian Oil Imports May Be Lifted Following Decline in Russian Purchases

U.S. Treasury Secretary Besant hinted at the possibility of lifting the 25% tariffs imposed on Indian oil imports from Russia during a speech in Davos on Friday. According to Odaily, Besant stated that the tariffs have significantly reduced India's procurement of Russian oil, describing the outcome as a 'great success.' He informed Politico that the tariffs have caused a collapse in purchases by Indian refineries. Besant suggested that while the tariffs remain in place, there is a diplomatic 'pathway' for their removal if India shifts its energy sources. He asserted that these trade measures have brought substantial benefits to the U.S. economy.