Indian Prime Minister Narendra Modi struck a defiant tone in the face of US President Donald Trump’s tariff threats, urging the nation to buy local goods as his administration signaled it would continue buying Russian oil.

But while the Indian government may not be deterred by Trump's threats, sources told Reuters this week that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 - when sanctions were first imposed on Moscow - due to lower Russian exports and steady demand.