Indian officials confirmed Saturday the country is not altering policy and will continue buying oil from Russia, despite threats of a financial "penalty" from U.S. President Donald Trump.

Trump threatened 100% tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the top supplier to India.

The president also touted agreements over hundreds of billions of dollars in foreign investment into the United States.

India and the US have held several rounds of negotiations for a trade deal over the past few months, with Delhi even reducing tariffs on goods like Bourbon whiskey and motorcycles to placate the US. But the US runs a $45bn (£33bn) trade deficit with India, which Trump is keen to reduce.