India is not concerned with the proposed secondary sanctions on Russian oil and will meet its oil demands through alternative sources, Petroleum Minister Hardeep Singh Puri said on Thursday, according to a Reuters report.

U.S. President Donald Trump's threat to choke off Russia’s oil revenue via secondary sanctions would deal a hammer blow to Moscow's finances, but markets are betting that the risk of higher energy prices will keep Washington from following through.

Trump said late Tuesday his administration will begin implementing pharmaceutical tariffs next month, making good on months of threats.

WTI crude oil (CLQ25) on Tuesday closed down -0.46 (-0.69%), and August RBOB gasoline (RBQ25) closed up +0.0042 (+0.19%). Crude oil prices continued to show weakness on Tuesday after President Trump refrained from imposing new sanctions on Russian oil exports on Monday.

U.S. President Donald Trump threatened to hit buyers of Russian exports with sanctions unless Russia agrees a peace deal over the conflict in Ukraine, potentially complicating Moscow's oil sales to China,