India ranks as the No. 2 importer of Russian oil since Russia’s invasion of Ukraine in February 2022, behind China, according to one research center.

Key Points and Summary – With a Friday ceasefire deadline for the Ukraine war just two days away, President Trump is escalating his pressure campaign on Russia, believing a collapse in oil prices will force Putin’s hand.

The new 25 percent tariff, which will be added to the 25 percent tariff Trump announced last week, will take effect on Aug. 27 if India doesn’t stop buying Russian oil. Trump also threatened to impose similar penalties on other countries that buy Russian energy, as a way to pressure the Kremlin into ending the war with Ukraine.