The Indian government has issued a strong-worded statement on Monday in response to US President Donald Trump's fresh tariff warning.

But while the Indian government may not be deterred by Trump's threats, sources told Reuters this week that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 - when sanctions were first imposed on Moscow - due to lower Russian exports and steady demand.

India has also come under Trump’s fire as a member of intergovernmental grouping BRICS, which is led by U.S.-sanctioned countries Russia, China and Iran, as well as Brazil and South Africa. Trump threatened an additional 10% tariff on BRICS members, which he said were aligning themselves against the U.S.