New Delhi, Jan. 21 -- Amid concerns over a potential 500% tariff on India and others for purchases of Russian oil, US Treasury Secretary Scott Bessent on Tuesday hinted that New Delhi could be exempt from the Donald Trump administration's levy, claiming that it had stopped purchases from Moscow.

Speaking on the sidelines of the World Economic Forum (WEF) in Davos during an interview with Fox Business, Bessent provided key updates on Senator Lindsey Graham's Russia Sanctions Bill that eyes 500% tariffs, including its intended targets, and the process to passage.

Commenting on purchases of Russian oil, the US Treasury Secretary asserted that while India had been a purchaser, it had "geared down" and "stopped" buying oil from Moscow.

"Ind...