'They won’t threaten tariffs on India': Top US aide dares EU to stop hiding, ‘this is your war’

U.S. Treasury Secretary Scott Bessent has accused European nations of avoiding responsibility in the global effort to choke off Russia’s oil revenues—criticizing their silence on India’s Russian crude purchases even as they continue buying refined products made from the same source.

“Europe must step up,” Bessent told media on Wednesday. “They buy refined products from Russian oil yet won’t threaten tariffs on India. This war is in Europe’s backyard — they must share the burden, not leave it to the U.S.”

Bessent noted that only Canada supported Senator Lindsey Graham’s G7 proposal for high secondary tariffs on India—measures aimed at nations continuing trade with Russia. Europe’s refusal, he said, weakens Western leverage over Moscow.

The Treasury Secretary also warned against prematurely seizing frozen Russian assets, calling them essential leverage in future negotiations with the Kremlin. “They’re part of negotiations with Putin. We shouldn’t seize them immediately — in talks, some or all may go to Ukraine’s rebuild,” he said.

Defending former President Donald Trump’s 50% tariff on Indian goods—triggered by India’s growing purchases of Russian crude—Bessent said the measure reflects frustration over stalled trade talks. “Trump and Modi have good ties, but India stalled tariff talks since Liberation Day,” he said. “I expected a deal by May-June. Instead, they drag talks while profiteering on Russian crude.”

On China, Bessent signaled that further economic actions remain possible. Asked whether Chinese companies might be delisted from U.S. exchanges, he responded, “Not yet. We already have high tariffs. China buys a lot of Russian crude — before and after the invasion. Everything’s on the table.”

Trump has so far avoided direct penalties on Beijing over oil, citing “strong ties” with President Xi Jinping. Still, Bessent suggested that pressure could increase as the situation evolves.