A U.S. Treasury official warned India’s banks that financial institutions doing business with Russia’s military industrial base risk losing access to the U.S. financial system.

The warning was communicated in a letter from Deputy Treasury Secretary Wally Adeyemo to the Indian Banks’ Association.

The letter follows an executive order by U.S. President Joe Biden authorizing sanctions against foreign financial institutions that conduct business with Russia’s military industrial base.

New Delhi has resisted pressure to distance itself from Moscow since Russia invaded Ukraine in 2022 and is exploring ways to boost its exports to Russia.

The U.S. is eager to strengthen its economic relationship with India, with trade between the two countries increasing by over 110 percent in a decade.