This week, state companies Indian Oil Corp. and Bharat Petroleum Corp. secured supplies from the United States, Brazil, and Middle Eastern producers for September-October delivery, Bloomberg reported.

US President Donald Trump said that the secondary tariffs against India may have influenced Russian President Vladimir Putin to meet him.

But experts say India's refusal to reduce duties on agriculture and dairy products has been a major thorn in the negotiations. Trump's new 50% tariff rate on India is set to come into effect on 27 August, which some experts have said is akin to an embargo on trade between the two countries.