President Trump said on Wednesday that India will stop importing Russian oil, calling it a major breakthrough in his campaign to cut off Vladimir Putin’s war funding in Ukraine. “I was not happy that India was buying oil, and Narendra Modi assured me today that they will not be buying oil from Russia,” Trump told reporters in the Oval. “That’s a big step.” No word yet from the Indian embassy in Washington or Prime Minister Modi himself, but the statement, if confirmed, would mark a sharp turn in relations between the two countries. The U.S. had slapped a 50% tariff on Indian goods earlier this year, split into two separate 25% rounds, after talks collapsed over trade and energy deals. India had protested that others like China and Turkey, who also buy Russian crude, weren’t hit with the same penalties. Trump pushes India and China to join the oil boycott Trump added that Modi could not end the purchases instantly because “it’s a little bit of a process,” but said the transition would be completed soon. The two leaders are expected to meet this month at the Southeast Asia Summit in Malaysia, their first face-to-face since tensions flared over the tariffs. “Modi is a great man, he loves Trump,” the president said, sounding confident about the partnership. Earlier in the day, Treasury Secretary Scott Bessent warned that China could face steeper tariffs if Europe joined the effort. He accused Beijing of “fueling the Russian war machine,” and Trump later urged China to follow India’s example. The White House decision came only days after Trump’s nominee for U.S. ambassador to India, Sergio Gor, held a closed-door meeting with Modi in New Delhi. The pair reportedly discussed defense, technology, and trade, with Trump emphasizing that Gor’s appointment was part of his plan to stabilize relations after months of pressure over energy imports. Behind the scenes, Trump’s administration has been coordinating a broader international effort to limit Moscow’s oil profits through tariffs and financial restrictions. Officials described the goal as forcing nations still trading with Russia to shift away, using Washington’s trade tools rather than military ones. Britain expands sanctions as G7 debates frozen Russian funds Across the Atlantic, Britain announcement new sanctions aimed at Russia’s oil giants Lukoil and Rosneft, and 44 oil tankers accused of moving crude under Moscow’s so-called “shadow fleet.” Chancellor Rachel Reeves said the crackdown, part of a 90-item sanctions package, was designed to choke off funds used for the war in Ukraine. “We are sending a clear signal: Russian oil is off the market,” Reeves said during remarks in Washington D.C., ahead of meetings with international finance chiefs. Reeves also confirmed that the UK had sanctioned India’s Nayara Energy Limited, which she said imported 100 million barrels of Russian crude worth over $5 billion last year. The company’s inclusion marks the first time London has directly targeted an Indian firm in connection with Russian oil shipments. Reeves added that the UK government was also tightening the screws on four Chinese oil terminals linked to Russian exports. Foreign Secretary Yvette Cooper backed the action, saying, “Today’s action is another step toward a just and lasting peace in Ukraine and a more secure United Kingdom.” The two Russian energy firms under sanctions together ship about 3.1 million barrels of oil daily, with Rosneft producing nearly half of Russia’s crude, around 6% of total global output. The new measures were announced alongside meetings of the International Monetary Fund (IMF), whose 190 member countries are tracking the global economic fallout from the war. Meanwhile, the G7 is preparing to debate next week a proposal to seize hundreds of billions in frozen Russian investments, much of it held in cash at the European Central Bank after maturing bond holdings. Earlier this year, both the U.S. and UK sanctioned Gazprom Neft and Surgutneftegas, a move former Foreign Secretary David Lammy said would “drain Russia’s war chest.” Now, Trump’s latest push to align India with the oil boycott adds another layer of pressure on Moscow. The U.S. is also considering tariffs up to 500% on Chinese imports linked to Russian energy, though Scott Bessent did say that: “We will respond if our European partners will join us.” Get $50 free to trade crypto when you sign up to Bybit now
