US President Donald Trump has threatened to "significantly" increase US tariffs on Indian goods over purchases of Russian oil, a key source of revenue for Moscow's war against Ukraine.

Trump's increased pressure on India comes after he announced new sanctions against Moscow if no progress is made on a peace agreement with Kiev by August 8, more than three years after the Russian invasion.

Moscow is awaiting talks with US President Donald Trump's special envoy Steve Whitcoff, who is expected to meet with Russian leader Vladimir Putin, AFP reported.

Trump said in a post on his Truth Social platform that India "buys huge amounts of Russian oil" and sells it at "huge profits."

"They don't care how many people in Ukraine are being killed by the Russian war machine. Therefore, I will significantly increase the tariffs that India pays to the US," he wrote.

However, the US president did not give details on what level of tariffs he had in mind.

For now, the existing 10% US tariff on Indian products is expected to rise to 25% on August 7. | BGNES