US President Donald Trump said that Washington and Moscow have made a "lot of progress" in working towards ending the Ukraine War and speculated the punitive tariff he imposed on India for buying Russian oil may have something to do with it.

"We put a 50 per cent tariff on India," he said on Wednesday (local time), "I don't know if that had anything to do with it, but we've had very productive talks today" (with Russia).

He announced a 25 per cent tariff on India in his general tariff war last week, and on Wednesday morning, he announced an extra 25 per cent tariff for buying Russian oil.

India, which called it "unfortunate", said it "will take all actions necessary to protect its national interests."

Asked by a reporter if the 25 per cent punitive tariff on India would end if there was an agreement with Moscow on ending the war, he indicated it could happen.

"We'll determine that later, but right now, they're paying a 50 per cent tariff."

Trump's Special Envoy Steve Witkoff held a three-hour meeting with Russia's President Vladimir Putin, and both sides were positive about it.

As the end of the punitive tariff hinges on peace in Ukraine, Trump said, "We had some very good talks with President Putin today."

"There's a very good chance" that they were reaching the end of the road to peace, he added.

Trump said that there was a "good prospect" for a tripartite meeting between him, Putin, and Ukraine's President Volodymyr Zelensky.

Kremlin Spokesperson Yury Ushakov said Putin and Witkoff had "a rather useful and constructive conversation."

The oil tariff on India is to take effect in 21 days.

Trump described India as "the second largest" Russian oil buyer, "very close to China," a top market.

On singling out India while others, including China, were also buying Russian oil, he said Beijing could also be targeted.

"It may happen. I mean, I don't know. I can't tell you yet, but I can (impose a punitive tariff). We did it with India. We're doing it probably with a couple of others. One of them could be China," he said.

New Delhi said it was "extremely unfortunate" that the US was imposing "additional tariffs on India for actions that several other countries are also taking in their own national interest."

Described as secondary tariffs aimed at turning off Moscow's cash spigot, Trump had said they were to apply to all purchasers of Russia's oil, but he only hit India with them.

He accused New Delhi of selling to other countries the products made from Russian oil at a high profit.

"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine," he said earlier on Truth Social.

But New Delhi has made clear that "our imports are based on market factors and done with the overall objective of ensuring the energy security of 1.4 billion people of India."