Trump: Second Phase of Russia Sanctions Ready

"Yeah, I am," Trump said outside the White House in response to a question on whether he was prepared to impose additional sanctions on Russia.

Trump's comment came shortly after US Treasury Secretary Scott Bessent said that the Russian economy will "collapse" if Washington and the European Union impose more secondary sanctions on countries that buy crude oil from Moscow.

Bessent, in an interview to NBC News, said President Trump and Vice President J D Vance had a very productive call with European Commission President Ursula von der Leyen, who later followed up with him on Friday to discuss steps the US and EU could take to increase pressure on Russia.

The Trump administration has imposed an additional 25 per cent tariff on India for its purchases of Russian oil, on top of the 25 per cent reciprocal tariffs announced earlier, bringing the total duties on New Delhi to 50 per cent, with effect from August 27.

Last week, Trump said he had imposed secondary sanctions on India for its purchases of Russian oil, "the largest purchaser outside of China," and indicated that he has not yet moved to "phase two or phase three."

Several Trump administration officials, including Bessent and trade advisor Peter Navarro, have said that India's purchases of Russian oil are financing Russia's war effort in Ukraine.

India has called the US tariffs "unjustified and unreasonable." Defending its procurement of Russian crude, India has maintained that its energy purchases are driven by national interest and market dynamics.