India buys about 90 per cent of its crude oil from overseas and has been the biggest market for Russian seaborne crude since 2023, according to ship tracking data compiled by Kpler. India imports about 5mn barrels of oil a day, of which 2mn come from Russia.

President Donald Trump said he plans to “substantially” increase tariffs on India, as tensions between the US president and Indian Prime Minister Narendra Modi continue to escalate. “We settled on 25% but I think I’m going to raise that very substantially over the next 24 hours,

The move was in line with expectations from economists polled by Reuters, and comes after the Reserve Bank of India delivered an outsized cut of 50 basis points