Trump confirms he’s prepared to impose a “second phase” of sanctions after already hitting India with a 50 per cent tariff on Russian crude imports.
US Treasury Secretary warns that stricter penalties on buyers of Russian oil could collapse Russia’s economy.
India defends its oil purchases as driven by market needs, calling the US tariffs “unjustified and unreasonable.”
US President Donald Trump declared that he was prepared to impose the "second phase" of sanctions on Russia.
According to PTI, when asked outside the White House if he was ready to slap more penalties on Russia, Trump replied, "Yeah, I am."
Trump's remark followed US Treasury Secretary Scott Bessent's prediction that if Washington and the EU impose additional secondary penalties on nations who purchase crude oil from Moscow, the Russian economy will "collapse."
In an interview with NBC News, Bessent stated that President Trump and Vice President J D Vance had a very fruitful call with Ursula von der Leyen, the president of the European Commission, who called him again on Friday to discuss what the US and EU could do to increase pressure on Russia.
In addition to the reciprocal 25 per cent tariffs already announced, the Trump administration has placed an additional 25 per cent duty on India for its purchases of Russian oil, increasing the total levies levied on New Delhi to 50 per cent, effective August 27.
PTI reported that Trump stated last week that he hasn't completed "phase two or phase three yet" and that he has imposed secondary penalties on India for being "the largest purchaser outside of China" for its imports of Russian oil.
Bessent and trade advisor Peter Navarro are among the Trump administration officials who have claimed that India's imports of Russian oil are helping to fund Russia's war effort in Ukraine.
India has referred to the US tariffs as "unjustified and unreasonable."
India has been defending its purchase of Russian crude oil by arguing that market forces and national interest dictate its energy procurement.
