US Treasury Secretary Scott Bessent has warned India of increasing secondary tariffs over the Russian oil trade. He said the raise in tariffs is dependent on the outcome of US President Trump's high-stakes meeting with Russian President Putin.

President Donald Trump signalled the US may avoid secondary tariffs on countries like India buying Russian crude, though a 50% tariff package including oil imports is set to begin from August 27.

President Trump suggests the US might not impose secondary tariffs on countries buying Russian oil, easing concerns for India. His remarks came during an Air Force One interview before a summit with Putin.