U.S. President Donald Trump's demand on India to halt Russian oil imports could threaten billions in Russian revenues, prompt Moscow to retaliate by stopping a major U.S.-led oil pipeline and potentially lead to a new global supply crisis.

India’s largest oil refiner has snapped up millions of barrels of crude from the US and UAE, with the South Asian nation facing mounting pressure from US and Europe over its purchases from Russia.

President Donald Trump says the United States and India are still negotiating on trade despite new tariffs slated to begin in a few days.