Financing war against Ukraine: US slams India-EU trade pact, backs tariffs over Russian oil
The remarks come at a time of escalating tensions between the US and Europe over trade and energy policies, as Washington voices concern over what it sees as Europe’s inconsistent enforcement of sanctions.
As India and European Union sealed 'mother of all deals' on Tuesday, the United States appears to be miffed with the development. US Treasury Secretary during an interview came down heavily on European Union for finalising a trade deal with India at times when trade negotiations between India and the US are underway.
A staunch supporter of Donald Trump's tariffs on India, Bessent also accused European Union of financing the Russia-Ukraine war by purchasing refined oil products from India which are made using Russian crude oil, even as Washington has imposed tariffs on New Delhi over its energy trade with Moscow.
"We have put 25 per cent tariffs on India for buying Russian oil. Guess what happened last week? The Europeans signed a trade deal with India," Bessent said.
"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," he added.
The remarks come at a time of escalating tensions between the US and Europe over trade and energy policies, as Washington voices concern over what it sees as Europe’s inconsistent enforcement of sanctions.
The agreement, finalized after more than 20 years of negotiations, has been described as the “mother of all deals,” as it is expected to create a combined market of nearly 2 billion people.