Treasury Sec. Scott Bessent: India is profiteering from Russian oil

Geopolitical & Economic Impact of Russian Oil Sales - The administration has attempted to restrict Russia's oil sales [1] - China's oil imports from Russia are considered "suboptimal" [1] China's Oil Imports - Pre-invasion, 13% of China's oil originated from Russia, now it's 16% [2] - China has a diversified oil import portfolio [2] India's Oil Imports & Profiteering - Before the invasion, India imported less than 1% of its oil from Russia, now it's up to 42% [2] - Indian entities have made $16 billion in excess profits by buying cheap Russian oil and reselling it [3] - This "Indian arbitrage" is considered unacceptable [3]