Russia, the world's second largest oil exporter, is weighing how to respond to U.S. sanctions on top oil firms Rosneft and Lukoil and the prospect of lower sales to its biggest buyer, India.

U.S. trade talks collapsed earlier this year with New Delhi not agreeing to widen market access to its vast agricultural and dairy sectors.

KALMYKIA (RUSSIA)- Over 50,000 devotees, many of whom waited in queues stretching up to one kilometer, have paid homage at a monastery here which is hosting an exposition of India’s Sacred Relics of Lord Buddha, an official said. The exposition from India has drawn an unprecedented response in the Republic of Kalmykia, Russia, he said.

Spot premiums in crude markets jumped on Thursday on expectations that U.S. sanctions on top Russian producers will spur China and India's demand for supplies from the Middle East, Africa and South America,

The Indian side is also looking to add more S-400 squadrons to its inventory and is asking Russia to supply the remaining two squadrons of the missile systems, of which three have already been inducted and operationalised.

Trump reiterated that Indian Prime Minister Narendra Modi told him India will stop buying Russian oil, while warning that New Delhi would continue paying "massive" tariffs if it did not do so