New Delhi, Aug. 19 -- In his sharpest remarks yet on India's energy trade, the US Treasury Secretary, Scott Bessent, has alleged that New Delhi is engaging in "arbitrage" - purchasing heavily discounted Russian crude and reselling it at higher margins on the global market. The accusation, if sustained, could place renewed pressure on India's carefully balanced foreign policy, which has so far allowed it to maintain close ties with both Moscow and Washington despite the ongoing war in Ukraine.

Bessent told CNBC in an interview that India had made huge profits on the sale of Russian oil during the war in Ukraine.

"This ... Indian arbitrage - buying cheap Russian oil, reselling it as product has just sprung during the war - which is unacce...