'Financing war against themselves': Bessent calls European purchases of Indian refined oil ‘most perverse thing’

US Secretary of Treasury Scott Bessent - File Photo

US Treasury Secretary Scott Bessent has criticised European nations for buying refined petroleum products such as petrol and diesel from India, calling it “the most perverse” practice in the context of the Russia-Ukraine conflict.

In an interview with Fox Business, Bessent said, “The most perverse thing is that India is buying discounted Russian oil but guess where those refined products are going? They are going to Europe. So, Europeans are financing the war against themselves.”

BREAKING: “I think India will slowly reduce oil purchases from Russia. But the perverse thing is that Europe is buying the oil that India refines. They are funding the war against themselves,” says U.S. Treasury Secretary Scott Bessent pic.twitter.com/69NGHUBTBU

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— Shashank Mattoo (@MattooShashank) September 25, 2025

Bessent also commented on India’s role in the Russian oil market, saying he expects that India will likely reduce its purchases and eventually wean itself off Russian oil.

The comments follow repeated criticisms from former US President Donald Trump and his aides, who have accused India of indirectly funding Russia’s war in Ukraine by purchasing Russian crude. The US had imposed tariffs on Indian oil, raising them to 50 percent, the highest in the world, as a punitive measure. Trump’s administration, however, has not applied similar tariffs to China, the largest buyer of Russian oil. White House trade adviser Peter Navarro has frequently led these accusations, alleging that India is profiteering from Russian oil imports.

Europe’s reliance on Indian refined oil

Europe is a significant buyer of Indian refined petroleum products, including diesel, aviation fuel, gasoline, naphtha, and kerosene. Estimates suggest that around 27 percent of India’s refined oil exports have recently gone to European nations.

Despite international pressure, India’s refined oil exports surged in 2025, reaching an 11-month high with a 41 percent month-on-month increase last month. According to earlier estimates, in 2023— the first full year following Russia’s full-scale invasion of Ukraine—approximately 15 percent of Europe’s refined petroleum products came from India. By the end of 2024, this figure had reportedly risen to around 27 percent.