US Treasury Secretary Scott Bessent on Friday (local time) suggested that the 25 per cent tariffs on India could be removed after Indian purchases of Russian oil dropped significantly following the US-imposed levy, calling the outcome a “huge success”, news agency ANI reported.

Speaking to Politico amid global discussions on Indian oil imports, US tariffs, and European Union’s (EU’s) trade ambitions, Bessent said Indian refinery purchases of Russian crude had “collapsed” due to tariffs imposed by the United States (US). While the tariffs remain in place, he hinted at a diplomatic “path” to remove them if India adjusts its energy sourcing, asserting that the trade measures offer tangible benefits to the American economy.