Russian oil exporters are predicted to take in $153 billion this year, according to the Kyiv institute. Fossil fuels are the single largest source of budget revenue. The imports support Russia’s ruble currency and help Russia to buy goods from other countries, including weapons and parts for them.

President Donald Trump Monday said he would "substantially" raise tariffs on India for "buying massive amounts of Russian oil" and "selling it on the open market for big profits," elaborating on his threat last week to impose a penalty on top of a 25% tax for Indian imports.

Oil prices climbed on Wednesday, rebounding from a five-week low in the previous day, on concerns of supply disruptions after U.S. President Donald Trump's threats of tariffs on India over its Russian crude purchases.