U.S. President Donald Trump's demand on India to halt Russian oil imports could threaten billions in Russian revenues, prompt Moscow to retaliate by stopping a major U.S.-led oil pipeline and potentially lead to a new global supply crisis.

India has not issued any directive to its oil refiners to halt purchases of Russian crude, Bloomberg reported, citing people familiar with the matter. The decision comes as the Indian government navigates its energy security needs while managing diplomatic ties with Moscow and avoiding further tensions with US President Donald Trump.

Indian officials denied President Donald Trump‘s claim that they had stopped buying Russian oil, despite pressure from Washington. Trump’s sudden move to pressure Moscow to come to the peace table with Ukraine relies on pressuring third countries into stopping their purchase of Russian oil.