A fresh row broke out after US Treasury Secretary Scott Bessent accused India of profiting from the Russia-Ukraine war financially, only to subsequently accuse President Donald Trump of being the actual profiteer.
Trump’s Arms Dealings Under Scrutiny
Bessent disclosed that Trump has been profiting off weapons sales to Ukraine channeled through European nations. The former president, he said, has added a 10 percent surcharge on arms transfers and effectively commercialized the war as a cash flow stream to offset US tax cuts and ballooning government expenditure.
“We are selling weapons to the Europeans, who are selling them on to the Ukrainians, and President Trump is charging a 10 percent mark-up on the weapons,” Bessent said on Fox News. He went on to imply that Trump even includes these gains in paying for US air missions in Ukraine’s defense.
This revelation comes as Ukrainian President Volodymyr Zelenskyy is reportedly ready to purchase as much as $100 billion in American weapons, which could net Trump a staggering $10 billion windfall.
India in the Spotlight
Ironically, Bessent himself had recently accused India of “profiteering” by purchasing discounted Russian crude oil and reselling refined products for profit. He labelled it the “Indian arbitrage,” estimating New Delhi’s gains at around $16 billion.
While Bessent’s remarks sparked debate about India’s role in global energy markets, critics point out that Trump’s direct profiteering from war supplies overshadows New Delhi’s oil trade.
Security Guarantees with a Price Tag
Trump has also suggested turning US security assistance into a transactional deal. Ruling out the possibility of sending ground troops to Ukraine, he indicated that he would look at deploying American fighter planes from bases in nearby countries like Poland, which is a member of NATO.
“When it comes to security, they [Europeans] are happy to get people on the ground. We’re happy to assist them with things, particularly, likely, by air because no one has things we have,” Trump said to Fox.
He went on to propose that Washington could extend NATO-type Article 5 security guarantees to Ukraine under a possible peace agreement, but outside the terms of the alliance’s official framework.
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War Profits Debate Intensifies
The disclosure has lent a further layer of nuance to current debates regarding the ethics of war profiteering. Where India’s oil business has been called out, Bessent’s revelations have turned the spotlight on Trump, sparking concern about whether US backing for Ukraine is driven by strategic commitment or personal gain.
