President Trump signed an executive order earlier this week imposing new tariffs on imports from BRICS nations.

U.S. President Donald Trump's demand on India to halt Russian oil imports could threaten billions in Russian revenues, prompt Moscow to retaliate by stopping a major U.S.-led oil pipeline and potentially lead to a new global supply crisis.

India told its oil refiners to come up with plans for buying non-Russian crude, a scenario that would have far-reaching consequences for the global oil market if it ultimately meant reduced dealings with Moscow.