· 2 min read
illuminem summarises for you the essential news of the day. Read the full piece on CNBC or enjoy below:
🗞️ Driving the news: The U.S. accuses India of profiting from discounted Russian oil by refining it and reselling it to other countries
• Treasury Secretary Scott Bessent called it “arbitrage” and said India earned $16 billion in excess profits
• The U.S. has slapped a 50% tariff on Indian goods in response, escalating tensions between the two nations
🔭 The context: India has become Russia’s largest oil buyer since the Ukraine invasion
• India claims it increased imports at the West’s request to help stabilize energy markets
• The U.S. views India’s role as undermining sanctions aimed at Russia’s energy sector
🌍 Why it matters for the planet: This highlights the complexity of global energy trade amid geopolitical conflict
• India’s refining and resale of Russian oil challenges the effectiveness of sanctions
• It raises questions about how countries balance energy needs with international pressure
⏭️ What's next: The U.S. plans to investigate other countries importing Russian oil
• Further trade actions and diplomatic pressure on India are expected to continue
• Monitoring how global energy flows shift will be key for future sanctions enforcement
💬 One quote: “This kind of profiteering threatens the integrity of international sanctions.” – Senior U.S. official
📈 One stat: Russian oil accounted for nearly 20% of India’s total crude imports in the first half of 2025
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