US Treasury Secretary Scott Bessent claimed some of the “richest families in India” benefited from the purchase of Russian crude oil, while reiterating plans to boost tariffs on the South Asian nation.

India's Russian oil imports declined in July after jumping the previous month as some refiners slowed purchases due to smaller discounts, while Indian fuel demand also typically dips during the monsoon season,

President Donald Trump is ratcheting up the pressure on India, calling into question the prospects of a deal with a key US trading partner just days before his tariff deadline.

India and Russia reaffirmed plans to expand trade, with New Delhi seeking to boost exports to narrow its deficit with Moscow.

For more than two decades, Washington and New Delhi built a strategic partnership that was hailed as one of the great success stories of post–Cold War diplomacy. Today, that relationship is facing its most serious test in years — and India is signaling it has other options.

India and Russia agreed to boost trade ties on Thursday as their foreign ministers met in Moscow, giving little indication that U.S. President Donald Trump's hefty tariffs on India for buying Russian oil would disrupt their relations.

It comes as U.S. President Donald Trump imposed an additional 25 percent tariff on India for buying Russian oil.

Already, China is on course to be in a significantly advantageous position vis-a-vis India after the August 27 secondary tariffs kick in.