US President Donald Trump has greenlit a bipartisan bill that could impose up to 500 per cent tariffs on countries buying Russian oil. Republican Senator Lindsey Graham announced the approval after discussions with Trump. The legislation targets nations including India and China for fuelling Russia’s war economy through energy purchases.
India relies heavily on discounted Russian crude accounting for a significant share of its imports. Government data shows Russian oil volumes hit a six month high in November despite US pressure. Trump warned last week that higher tariffs remain on the table if India fails to curb these purchases.
The Sanctioning Russia Act empowers the president to penalise knowing buyers of Russian oil and uranium. Graham described it as leverage against China India and Brazil to starve Moscow’s war funding. India has rejected claims of assurances to halt Russian imports maintaining its energy security needs.
Analysts warn the bill could disrupt the $120 billion India US trade relationship. Existing tariffs on Indian goods already stand at up to 50 per cent partly linked to Russian energy deals. New Delhi faces tough choices amid ongoing Ukraine peace negotiations involving Trump.
