IRAN: Little Hope For Nuclear Diplomacy As Tehran Deepens Ties At SCO Summit

• US TSY 26W AUCTION: NON-COMP BIDS $1.923 BLN FROM $73.000 BLN TOTAL

• US TSY 13W AUCTION: NON-COMP BIDS $2.209 BLN FROM $82.000 BLN TOTAL

US President Donald Trump posts on Truth Social: "India is not only buying massive amounts of Russian Oil, they are then... selling it on the Open Market for big profits... Because of this, I will be substantially raising the Tariff paid by India to the USA."

• The post is the latest in a series from Trump hinting that India may bear the initial brunt of the Trump administration's measures against the Russian oil and gas sector. Trump's Middle East envoy, Steve Witkoff, is expected to arrive in Moscow on Tuesday or Wednesday to discuss Trump’s accelerated (Friday) deadline for reaching a ceasefire deal.
• On Saturday, Indian PM Narendra Modi urged Indians to buy local products to offset US tariffs: “Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.”
• Modi’s government hasn’t given India’s oil refiners instructions to stop buying Russian oil, and no decision has been taken on whether to halt the purchases, according to Bloomberg sources. NYT reports that India will continue buying Russian oil.
• In an interview with Fox News yesterday, Trump’s influential policy advisor, Stephen Miller, accused India of financing Russia's war against Ukraine: "What [Trump] said very clearly is that it is not acceptable for India to continue financing this war by purchasing the oil from Russia... People will be shocked to learn that India is basically tied with China in purchasing Russian oil."