Overview
- Scott Bessent said the president can act under the International Emergency Economic Powers Act to target countries purchasing Russian oil without waiting for new Senate authorization.
- He used the claim that India "geared down and stopped" buying Russian crude after a 25% U.S. tariff as an example, though India has not confirmed such a halt.
- India’s Ministry of External Affairs said it is fully aware of the bipartisan proposal and is carefully monitoring developments, reiterating that its energy choices are guided by market conditions and energy security.
- A Russia Sanctions Bill authored by Senator Lindsey Graham, backed politically by President Trump, would permit tariffs of up to 500% on secondary buyers but remains pending in the Senate.
- Bessent criticized Europe and China for continued purchases of Russian energy, and Graham has said India’s ambassador told him New Delhi was reducing imports and requested tariff relief.