"They do trade, and we can raise tariffs on them very quickly," Trump said in response to a question on India's Russian oil purchases. Republican Senator Lindsey Graham, a close Trump ally travelling with him, said US sanctions on Russian oil companies and higher tariffs on India had helped curb Indian oil imports. Graham is backing legislation to impose tariffs of up to 500% on countries such as India that continue to buy Russian oil. Trump's actions were the main reasons India was now buying "substantially less Russian oil," Graham said. "Ambiguity no longer works," Srivastava said, urging India to clearly state its stance on Russian oil.

Source: The Edge Markets January 05, 2026 08:59 UTC