Banerjee suggested India could also revisit curbs on Chinese investment as part of wider trade negotiations, noting Beijing’s need to manage its own relations with the US.

India should consider whether the cheap oil imports from Russia are 'worth it' after the Trump administration announced an additional 25 per cent tariff on Indian goods, Nobel laureate Abhijit Banerjee has said.

India’s state-owned oil refiners are pulling back from purchases of Russian crude for now, according to people with direct knowledge of the companies’ procurement plans, as Washington ratchets up the pressure on New Delhi over the flows with a wave of harsh tariffs.