U.S. Treasury Secretary Scott Bessent on Tuesday accused India of profiteering from its sharply increased purchases of Russian oil during the war in Ukraine, saying Washington viewed the situation as unacceptable.

This is the existential dilemma confronting the Ukrainian leader as he travels to Washington for talks with the US president on Monday. Fresh off a summit in Alaska with Vladimir Putin that bypassed a ceasefire, Trump has left Zelenskiy little room to maneuver.

China has nearly doubled imports of Russia’s discounted Urals crude as India scales back purchases under U.S. pressure.

Chinese refineries have purchased 15 cargoes of Russian oil for October and November delivery as Indian demand for Moscow's exports falls away, two analysts and one trader said on Tuesday.

Oil prices are lower this morning following Trump-Zelensky talks, with focus now turning to a possible meeting between the Ukrainian leader and Russian President Putin. Read more here.

Ukraine has escalated drone strikes on Russian oil refineries, including Lukoil’s major Volgograd plant, just as peace talks raise hopes for easing sanctions and shifting oil markets.

India's Russian oil imports declined in July after jumping the previous month as some refiners slowed purchases due to smaller discounts, while Indian fuel demand also typically dips during the monsoon season,

Hungary accused Ukraine of an "outrageous and unacceptable" attack that disabled a Russian oil pipeline supplying the NATO ally—and fired a warning to Kyiv about its reliance on Hungarian electricity supplies. Newsweek has contacted the Ukrainian foreign ministry for comment.