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The Wire
a minute ago
- The Wire
‘India's Richest Families' Guilty of ‘Profiteering' From Russian Oil: US Treasury Secretary
New Delhi: 'Some of India's richest families' are involved in the country's 'unacceptable' 'profiteering' from buying and reselling Russian crude, a Trump cabinet official said on Tuesday (August 19), indicating no let up in the US's stance against New Delhi's continued purchases of oil from Moscow. US treasury secretary Scott Bessent's remarks also came a day after senior White House trade adviser and economist Peter Navarro wrote in a newspaper column that the proceeds from India's purchases of Russian oil – which he said are unbecoming of an American strategic partner – 'flow to India's politically connected energy titans, and in turn, into Vladimir Putin's war chest'. Recalling in an interview to CNBC that Russian crude went from constituting less than 1% of Indian oil imports just before Russia's 2022 invasion of Ukraine to around 40% today, Bessent said that India 'is just profiteering'. 'So India is just profiteering … they're reselling, they've made $16 billion in excess profits, some of the richest families in India,' said Bessent, whose role is roughly equivalent to that of finance minister. India's 'arbitrage' in 'buying cheap Russian oil' and 'reselling it as [a] product has just sprung up during the war, which is unacceptable', he continued. Earlier this month, US President Donald Trump announced a 25% 'penalty' tariff on India – on top of an existing 25% 'reciprocal' levy – in response to its sustained purchases of Russian oil despite Moscow's continued aggression against Ukraine. New Delhi termed the penalty, which is scheduled to take effect on August 27, 'extremely unfortunate', saying it was being singled out 'for actions that several other countries are also taking in their own national interest'. When asked in the CNBC interview if China – which is the biggest importer of Russian oil ahead of India but does not face a penalty for its purchases – was not also in the wrong, Bessent said that what Beijing is doing is a 'completely different thing'. 'Well, let's go back and look at the history though … China importing is suboptimal. If you go back and look pre-'22, pre-invasion, 13% of China's oil was already coming from Russia. Now it's 16%. So China has diversified input of their oil,' he said. The treasury secretary's remarks lambasting the 'richest families in India' – Mukesh Ambani's Reliance along with the Russian-owned Nayara are the the largest buyers of Russian oil in India – come a day after Navarro wrote that the surge in India's imports of Moscow's crude 'has not been driven by domestic oil consumption needs' but by 'profiteering by India's Big Oil lobby'. Ambani had also met Trump ahead of his inauguration in January as well as at a state dinner organised for the president in Qatar by its Emir Tamim bin Hamad Al Thani. 'The refiners buy oil at a steep discount, process it and then export refined fuels to Europe, Africa and Asia – all the while shielding India from sanctions scrutiny under the pretence of neutrality … The proceeds flow to India's politically connected energy titans, and in turn, into Vladimir Putin's war chest,' he wrote in an op-ed in the Financial Times. Going on to call India's reliance on Russian oil 'opportunistic and deeply corrosive of the world's efforts to isolate Putin's war economy', Navarro declared that if India 'wants to be treated as a strategic partner of the US, it needs to start acting like one'. New Delhi, which maintains that its purchases of oil are guided by market considerations, said upon Trump's announcing his intention to ratchet up tariffs against India for its purchases of Russian crude that after the Ukraine war began, the US 'actively encouraged such imports by India for strengthening global energy markets' stability'. When Trump and Russian President Vladimir Putin met in Alaska to discuss an end to the conflict, the Ministry of External Affairs said it 'appreciates the progress made' in the two leaders' summit.
Perth Now
2 minutes ago
- Perth Now
India plans to ban online games played with money
India plans to ban online games played with money, in what would be a heavy blow for an industry that has attracted billions of dollars of foreign investment. Citing psychological and financial harm that can be caused by such games, the Promotion and Regulation of Online Gaming Bill 2025 says that no person "shall offer, aid, abet, induce or otherwise indulge or engage in" the offering of online money games and such services. The 13-page bill, which has not yet been made public but has been reviewed by Reuters, describes an online money game as one played by a user by depositing money in expectation of winning monetary and other enrichment. The Indian market for such gaming is set to be worth $US3.6 billion ($A5.6 billion) by 2029, venture capital firm Lumikai says. Endorsements by top Indian cricketers and other marketing efforts have boosted appeal and investor interest of real money gaming apps such as the popular fantasy cricket games operated by startups Dream11 and Mobile Premier League. Dream11 commands a valuation of $US8 billion ($A12 billion) while Mobile Premier League is valued at $US2.5 billion ($A3.9 billion), PitchBook data shows. The Indian government has long been concerned about how such games are addictive. India's IT ministry, which has drafted the bill, did not immediately respond to a request for comment. MPL and Dream11 declined to comment. In fantasy cricket games on Dream11, users create their teams by paying as little as eight rupees, with a total prize pool of 1.2 million Indian rupees ($A21,656). The apps become more popular during the Indian Premier League season, one of the world's most popular cricket tournaments. The bill states that anyone who offers such money games could face a jail term of up to three years and a fine. "Such games often use manipulative design features, addictive algorithms ... while promoting compulsive behaviour leading to financial ruin," the bill said.
Hindustan Times
31 minutes ago
- Hindustan Times
Donald Trump imposed ‘sanctions on India' to end war in Ukraine, says White House
White House press secretary Karoline Leavitt said that US President Donald Trump took several actions, including the secondary tariffs on India, to bring the war in Ukraine to an end. White House Press Secretary Karoline Leavitt asserted that Donald Trump wants to move forward and bring the war in Ukraine to an end as quickly as possible.(AFP) This reiteration comes as a top US official said that India made "huge" profits on the sale of Russian oil during and after the war in Ukraine, and Trump said that his sanctions on New Delhi probably played a role in Russian President Vladimir Putin meeting him. Addressing a press briefing, Leavitt said, "The President has put tremendous public pressure to bring this war to a close. He has taken actions as you seen sanctions on India and other actions as well. He has made himself very clear that he wants to see this war and he has rejected the ideas of others that have been raised that we should wait another month before any meetings takes place." She asserted that Donald Trump wants to move forward and bring the war in Ukraine to an end as quickly as possible. Earlier on Tuesday, Trump met Ukrainian President Volodymyr Zelensky at the White House, with the former signalling his openness to a trilateral meeting with Putin to negotiate an end to the war in Ukraine. Trump said that he had a very successful day, while Zelensky noted that this was the "best conversation" he had with the US President so far. Scott Bessent on India tariffs US treasury secretary Scott Bessent, while speaking to CNBC, argued why China has not yet seen any penalties for buying Russian oil, while the case for India has been otherwise. He said that the treatment is different because India has been "profiteering" and "making billions" from its reselling of the oil. Bessent said India had "less than 1 per cent" of its oil from Russia "and now its up to 42 per cent". He added, "India is just profiteering, they are reselling... They made 16 billion in excess profits, some of the richest families in India." "This is a completely different thing. Indian arbitrage, which is buying cheap oil and reselling it, has just sprung up during the [Ukraine] war. This is just unacceptable," Bessent added. Top US advisor criticises India over Russian oil trade Meanwhile, White House trade advisor Peter Navarro criticised India for purchasing Russian energy and defence equipment, pledging to "hit India where it hurts" to get New Delhi to change its policy. He termed India's oil trade with Russia 'opportunistic' and 'corrosive' to global efforts being made to end the war in Ukraine and isolate the Russian economy. 'As Russia continues to hammer Ukraine, helped by India's financial support, American (and European) taxpayers are then forced to spend tens of billions more to help Ukraine's defence. Meanwhile, India keeps slamming the door on American exports through high tariffs and trade barriers. More than 300,000 soldiers and civilians have been killed, while Nato's eastern flank grows more exposed and the west foots the bill for India's oil laundering,' Navarro wrote in an opinion piece for the Financial Times. Before his meeting with Putin in Alaska last week, Trump had told a Fox News Radio show that his 'penalty' on India prompted the Russian President to meet him, saying that "everything has an impact". The US President said that when he told India about the doubled tariffs, it "essentially took them out of buying oil from Russia". He noted that India is the second largest purchaser of Russian oil and said it was getting pretty close to China, the largest buyer of oil from Russia. Before Trump doubled India's tariff to 50 per cent by imposing an additional 25 per cent levy on the previously announced 25 per cent, he said that India was "fueling the war machine" by buying oil from Russia.
