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Posted on 08/19/2025 7:31:58 AM PDT by marcusmaximus
Treasury Secretary Scott Bessent on Tuesday accused India of profiteering from cheap Russian oil imports during the war in Ukraine, describing the practice as "arbitrage" and condemning it as unacceptable.
"They are just profiteering. They are reselling," Bessent told CNBC's "Squawk Box" in an interview. "This is what I would call the Indian arbitrage — buying cheap Russian oil, reselling it as product."
"They've made $16 billion in excess profits — some of the richest families in India," Bessent said.
(Excerpt) Read more at cnbc.com ...
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We got the same thing here. The rest of the world is worse. Our people are pointing out what too many people don’t know. That’s more important.
Friends are really interests.
Many of us here knew this long ago, it gave us a very good laugh.Senile Joe’s Sanctions failed. Trump had an 8 Aug deadline on India sanctions…..still waiting.
He finally realized Sanctions cause wars, discontent, and alliances to be formed ( as we have witnessed). Trade and Commerce promote Peace.
The war mongers are learning a valuable lesson….from Russia.
The lesson is being offered, they don't have the ability to learn from it.
India has been used by Europe and others to circumvent the sanctions. Everyone knows it. Trump is using it for leverage.
Here is more proof that Russia is far more corrupt and corrupting than Ukraine due to its much bigger economy and size.
The audacity of a U.S. Treasury Secretary saying something like this is comical.
Do you really manage to keep a straight face when you lost this crap? LOL.
Sorry — POST this crap?
Most likely they are and Bessent should know all about arbitrage since there never has been a hedge fund that didn’t take full advantage of it.
Absolutely. Putin’s mafia regime is violating all kinds of international law and norms with it’s shadow fleet operation. These ships should have been seized long ago and Russia kicked out of financial markets. India partnering with Russia is financing the genocidal erasure of the second biggest country in Europe. But I hope your armchair is comfy today. “LOL”.
It’s 11:15 AM and the first scam call from a dirty Indian criminal just came in. Regardless of their buying Russian oil, we should cut the internet connection between India and the US. Those calls are coming over VoIP.
And deport all the H1B invaders back to Calcutta.
That is especially true in this case considering our meddling in Ukraine is what lead to the present war there.
(Bessent) "He then played a pivotal role in the "Black Wednesday" trade of 1992, when Soros famously "broke the Bank of England" by betting against the British pound. This trade earned Soros's team over $1 billion and solidified Soros's reputation as a formidable figure in global finance."
It’s absurd to think we’re going to act as the world’s bully and deny one country from buying oil from another.
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The biggest laugh is the EU is still buying Russian energy! They can’t exist without it, …… maybe President Trump should impose ridiculous Sanctions on the EU first, instead of India.
* note : The West did blow up the Nordstream pipeline,….fools.
Europe as a whole extracted 2.99 million barrels/day of oil from the ground last year.
This was down sharply from 2023 (-7%) mostly because of the dying North Sea, that affected Norway and the UK’s output. Note Europe’s max was 7.057 mbpd in 1999 as the North Sea peaked.
Europe consumption was 14.1 million bpd last year. Increase of about 0.8% (so much for EVs reducing oil consumption).
So with 3 mbpd production and 14.1 mbpd consumption, where was the differential coming from? The Middle East, mostly. The US a very small amount. And . . . Russia via India.
Global consumption exceeded global production last year. This is what scarcity means.
As to Europe and with a thought to all those "leaders" jawing with President Trump only yesterday ----
"The EU will gradually and effectively stop the import of Russian gas and oil by the end of 2027, under a legislative proposal put forward by the European Commission today. "Commission proposes gradual phase-out of Russian gas and oil imports into the EU European Commisson, 16 June 2025.
More sources....
EU Proposes Ban on Russian Oil, Gas Imports by End 2027 Wall Street Journal, 17 June 2025.
EU plans gradual end to Russian gas and oil imports by 2027 Financial World, 17 June 2025.
EU proposes complete ban on Russian gas and oil imports by end of 2027 World ECR from Dow Jones, 19 June 2025.
EU sets 2027 as deadline to phase out all Russian energy Euro News, 6 May 2025.
EU proposes keeping gas storage filling goals until 2027 Reuters, 5 May 2025.
EU plans to stop Russian gas and oil imports by 2027 Yahoo Finance, 18 June 2025.
As the old comedian Anna Russell used to quip: "I'm not making this up, you know."
Kudos on rationality in a time awash with theatrics.
India hoes mad.
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