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.

Indian officials denied President Donald Trump‘s claim that they had stopped buying Russian oil, despite pressure from Washington. Trump’s sudden move to pressure Moscow to come to the peace table with Ukraine relies on pressuring third countries into stopping their purchase of Russian oil.

The Indian government has "not given any direction to oil companies" to reduce Russian imports, one senior official told the New York Times.