The move was in line with expectations from economists polled by Reuters, and comes after the Reserve Bank of India delivered an outsized cut of 50 basis points

President Donald Trump said he will “substantially” raise tariffs on India because it’s still buying Russian oil.

"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.