Bessent states that the US imposed a 25 per cent tariff on India for buying Russian oil, but the Europeans signed a trade deal with the country

The remarks coincided with the formalisation of the India-EU FTA, hailed as the “mother of all trade deals.”

"And just to be clear again, the Russian oil goes into India, the refined products come out, and the Europeans buy the refined products. They are financing the war against themselves."

As India and the EU prepare to unveil a landmark trade pact, US Treasury Secretary Scott Bessent has criticised the timing of the deal, saying Washington has “sacrificed more” than Europe amid the Russia-Ukraine war and warning that EU energy trade is indirectly funding the conflict.

DAVOS, Switzerland — U.S. Treasury Secretary Scott Bessent has called for calm over the U.S.’s fraught trade relationship with the EU and U.K., warning that the “worst thing countries can do is escalate against the United States.”

US Treasury Secretary Scott Bessent accused Europe of indirectly funding the Russia-Ukraine war by buying Indian-refined fuel made from Russian oil, defended US tariffs on India, and said Indian crude purchases have dropped,