The government did not react immediately to the inconclusive outcome of talks between US and Russian Presidents in Alaska, even as US President Donald Trump suggested he may put off implementing secondary or penalty tariffs as a result of the talks. The possible reprieve on a 25% extra tariff for buying Russian oil would be a relief for New Delhi, although Mr. Trump’s other comments surrounding the day-long visit to meet Russian President Putin would not, as he suggested that India had already stopped buying Russian oil.

He also repeated earlier comments on his role in mediating the India-Pakistan ceasefire — which India has denied — after the two countries were “shooting down aeroplanes” during Operation Sindoor in May this year.

In an interview to U.S.’s Fox News after the talks, Mr. Trump said that he would consider the question of the penalty tariffs on Russian oil in “two or three weeks”, possibly indicating the August 27 deadline could pass for India without an implementation of punitive 25% tariffs over and above the 25% reciprocal tariffs on Indian goods that the U.S. has already put into place.

When asked specifically about tariffs on China which imports even more oil than India, Mr. Trump said that “because of what happened today, I think I don’t have to think about that now,” adding, “I think you know, the meeting [with Putin] went very well”.

Speaking earlier, Mr. Trump claimed that India had already agreed to drop purchases of Russian oil.

“Well he (Putin) lost an oil client, so to speak, which is India, which is doing about 40% of the oil, China as you know is doing a lot, and there are a few other countries,” Mr. Trump told Fox News in an interview before the talks on Friday.

“If I did what’s called a secondary sanction or a secondary tariff, it would be devastating from their (Russia’s) standpoint. If I have to do it, I will do it, maybe I won’t have to do it,” Mr. Trump added.

India continues to purchase Russian oil

Indian oil refining PSUs however have continued to purchase up to 2 million bpd (barrels per day) of Russian oil, and said that they had no instructions from the government to “buy or not to buy” from Russia, even after the US tariffs were announced.

Trump-Putin Alaska Summit Highlights

Ahead of the Trump-Putin talks, which the Ministry of External Affairs had welcomed and “endorsed”, officials were understood to be watching the talks in Alaska for three separate indicators.

1. To begin with, any agreement on a Russia-Ukraine ceasefire would be a positive, and would also mean the U.S. would lift objections to India’s purchase of Russian oil.

2. The second would be that if the talks ended without agreement but cordially, the U.S. President could revise his announcement of a 25% penalty or secondary tariffs otherwise set to go into place on August 27 for Indian goods. On the other hand, if the talks ended badly, or with a walkout by either side, US Treasury Secretary Scott Bessent had even threatened higher tariffs for buying Russian oil.

3. The third, that if talks were to end well, U.S. and India could resume trade talks for the Bilateral Trade Agreement, and possibly also negotiate a lower reciprocal tariff, which is currently at 25%. Last week, Mr. Trump had suggested that talks between India and US trade negotiators, due to hold the next round in Delhi on August 25, would be suspended until the Russian oil issue was “resolved”.

While Mr. Trump and Mr. Putin did not announce any agreement, a short press appearance after their talks showed the two leaders had held cordial conversations, and while there was no deal, Mr. Putin said that they did reach an agreement on some issues.

The next few days may offer clarity on the future of the 50% tariffs that India now faces.

Trump insists he brokered India-Pakistan peace

Mr. Trump did not, however, change his position on his involvement in the India-Pakistan conflict after the Pahalgam attacks, suggesting that whether he brokers a peace deal in Ukraine or not, he deserves the Nobel Peace Prize for his role in a number of conflicts, including Operation Sindoor.

“Take a look at India and Pakistan. they were shooting down aeroplanes already, and that would have been maybe nuclear. I would have said it was going to go nuclear, and I was able to get [a ceasefire] done,” Mr. Trump said.

Both India and Pakistan have claimed to have shot down each other’s fighter jets during the May 7-May 10 conflict. In addition, Indian Air Chief Marshall A.P. Singh said that India had also damaged a number of US-made F-16 planes stationed at Pakistan’s Jacobabad airbase. The government has not clarified about India’s aircraft losses thus far, with a number of officials saying publicly that this was “not the time” to speak about exact losses.

Mr. Trump also said that he dealt with India and Pakistan using trade as a leverage.

“I deal with all of the countries for trade…[] So if there’s a war going on, and if we’re doing trade with one or both of them, I say we’re not going to do a deal unless you make peace,” Mr. Trump said.