Indian oligarchs received $16 billion in excess profits from Russian oil
20.08.2025 - 12:50
The US has announced the super profits of Indian oligarchs from the purchase of Russian oil, which is processed and sold, in particular, to the EU.
US Treasury Secretary Scott Bessant said this in an interview with CNBC, writes Bloomberg.
According to him, some of the “richest families in India” have benefited from the purchase of Russian crude oil.
“They are simply making a profit. They are reselling. This is what I would call Indian arbitrage – buying cheap Russian oil and reselling it as a commodity. Some of the richest families in India have received $16 billion in super profits,” Scott Bessant emphasized.
In turn, Kpler oil market analyst Matt Smith explained that India buys Russian oil at a discount due to sanctions, processes it into gasoline and diesel fuel, and then sells the product to countries that have imposed sanctions against Moscow, in particular to Europe.
India became the largest buyer of Russian oil in July, importing 1.5 million barrels per day, according to Kpler. China is the second largest buyer of Russian oil, importing about 1 million barrels per day last month.
It should be noted that imports of Russian oil into India have increased sharply since Russia launched a full-scale invasion of Ukraine in February 2022. Before the attack, India imported negligible amounts of Russian oil.
Also read: Europe should stop buying Russian oil through India, says Senator Graham.
