On Wednesday, Donald Trump doubled US tariffs on India to 50%, up from 25%, penalising Delhi for purchasing Russian oil - a move India called "unfair" and "unjustified". The tariffs aim to cut Russia's oil revenues and force Putin into a ceasefire. The new rate will come into effect in 21 days, so on 27 August.

Meanwhile, India's foreign ministry has hit out at what it calls U.S. hypocrisy in ignoring its own trade with Russia that has continued through the war in Ukraine, an allegation that Trump brushed aside but didn't deny. It's also important to note that Indian companies own stakes in many Russian oil fields.

Indian Prime Minister Narendra Modi said on Thursday he will not compromise the interests of the country's farmers even if he has to pay a heavy price, in his first comments after U.S. President Donald Trump's salvo of a 50% tariff on Indian goods.