WASHINGTON — President Donald Trump said Monday that he plans to lower tariffs on goods from India to 18% from 25%, after Indian Prime Minister Narendra Modi agreed to stop buying Russian oil.

Trump announced that India has agreed to stop buying Russian oil and increase purchases from the US after months of trade pressure and tariff threats over New Delhi's energy ties with Moscow.

He said that, as part of the India-US trade deal, India will buy much more oil from the "United States and, potentially, Venezuela."

The U.S. announced sanctions in October on Lukoil and Rosneft in an effort to tighten financial pressure over Russia's war in Ukraine. Britain followed with its own restrictions, targeting both companies and dozens of so-called shadow fleet tankers accused of helping Russia evade existing limits on oil exports.