U.S. accuses India of profiteering from Russian oil

Core Viewpoint - The U.S. Treasury Secretary has accused India of profiting from discounted Russian oil imports during the Ukraine war, labeling the practice as "arbitrage" and unacceptable [1]. Group 1: India's Oil Imports - India's imports of Russian oil have significantly increased since the full-scale invasion of Ukraine in February 2022, with India now being Russia's largest customer [2]. - In July, India imported 1.5 million barrels per day (bpd) of Russian oil, according to data from Kpler [2]. - Prior to the invasion, India's imports of Russian crude were minimal [2]. Group 2: Reselling Practices - India is refining the discounted Russian oil into gasoline and diesel and reselling these products to regions that have imposed sanctions on Russia, such as Europe [1]. - This practice has been characterized as "Indian arbitrage" by the U.S. Treasury Secretary, who claims it involves buying cheap Russian oil and reselling it at a profit [1].