Washington, Aug. 19 -- US Treasury Secretary Scott Bessent on Tuesday (local time) criticised India's import of Russian oil, saying the country is profiting from the ongoing Ukraine war.

In an interview with CNBC, Bessent said, "Before the war in Ukraine, less than 1% of India's oil came from Russia. Now it is 42%. The system is allowing India to profiteer by buying cheap Russian oil, reselling it, and pocketing $16B in excess profits. This opportunistic arbitrage is unacceptable."

On August 6, the US slapped 25 per cent additional tariff on India for buying Russian oil, doubling the total tariff to 50 per cent and catapulting the country to one facing the highest import duties among Washington's trade partners. New Delhi called the tar...