Trump Targets India’s Oil Tycoons | 25% Tariff Over Russian Crude “Profiteering”

Donald Trump has escalated pressure on India with a fresh 25% tariff, accusing New Delhi of “energy defiance” over Russian crude imports. U.S. Treasury Secretary Scott Bessent alleged India’s richest families made $16 billion in excess profits through “Indian arbitrage” — buying discounted Russian oil and reselling it. White House Trade Advisor Peter Navarro sharpened the attack, calling it profiteering by India’s “Big Oil lobby,” with proceeds indirectly fuelling Putin’s war chest. While PSU refiners like IOC, BPCL and HPCL use Russian oil for domestic needs, private giants Reliance Industries and Nayara Energy face scrutiny for massive exports. Analysts say Reliance saved $570 million in 2025 alone. As tensions mount, can India defend its oil trade strategy?