NEW DELHI: US President Donald Trump on Sunday said that he was “pissed off” at Russian President Vladimir Putin and warned he would impose secondary tariffs of 25% to 50% on buyers of Russian oil if Moscow blocks his efforts to end the war in Ukraine. The threat, if implemented, could have wider ramifications for both India and global market stability.
During his interview to NBC News, Trump also threatened Iran with bombing and tariffs if Tehran failed to reach an agreement with Washington over its nuclear programme. In his first comments since Iran rejected direct negotiations last week, he said US and Iranian officials were in talks.
Sources in New Delhi said the comments appeared to be more of a “negotiating” tactic.
India has consistently said purchasing oil from Russia, its ally, is a key component of its oil buying strategy. Western sanctions on Russia resulted in discounted oil prices, causing India’s imports of Russian oil to surge dramatically, rising from less than 1% of its total crude oil imports before the Ukraine war to an astounding 40%.
In March 2025, India’s crude oil imports exceeded 5 million barrels per day.