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.

(Reuters) -Indian officials have said they would keep purchasing oil from Russia despite the threat of penalties that U.S. President Donald Trump said he would impose, the New York Times reported on Saturday. Reuters could not immediately verify the report.

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.