Commerce Minister Piyush Goyal on Tuesday appeared upbeat over progress in talks between India and the United States for a bilateral trade agreement aimed at benefiting both countries. Goyal said talks with the United States were "moving fast and in a good direction", without divulging any details about the negotiations.

The statement comes at a time when US President Donald Trump has signed a sweeping sanctions bill, taking aim at Russia's economy by punishing major purchasers of its oil and gas. The new law gives Trump broad powers to levy tariffs of up to 100 per cent on the top five purchasers of Russian oil and gas. China and India are among the top two buyers of Russian oil.