Trump suggested that Russia’s economic potential is being wasted due to global pressures and U.S. tariffs. “Their economy is not doing well right now because it’s been very well disturbed by this,” he said, singling out India’s purchases of Russian oil.

The Russian economy was slowing even before President Trump’s latest threats. But the Kremlin has enough money to keep fighting in Ukraine.

"The key channel by which secondary tariffs on buyers of Russian energy could impact the global economy would be through the level of energy prices," says Kieran Tompkins from the consultancy Capital Economics. If the tariffs work, they will cut the flow of Russian oil and gas to global markets.