A bill vowing levies of up to 500% on countries that buy Russian oil is making its way through Congress. Meanwhile, the European Union’s 18th package of sanctions will ban refined products made from Russian crude in January.

With threats of tariffs up to 50 percent, President Trump seems to be scrapping America’s plan to turn India into a counterweight to China, declaring instead that it is a “dead economy.”

The US president warned that he would raise tariffs on India, stating that the country “doesn’t care how many people in Ukraine are being killed by the Russian war machine.” In response, India called Trump’s threat of "substantially" higher tariffs over its purchase of oil from Russia "unjustified and unreasonable.