US bill threatening 500% tariffs on Russian oil buyers gets Trumps nod: What it means for India
Trump has approved the 'Sanctioning Russia Act of 2025' bill, which can impose a minimum of 500 per cent tariffs on countries that 'knowingly' import Russian petroleum products. US Senator Lindsey Graham said that the bill aims to punish nations 'who buy cheap Russian oil'.
New Delhi: In massive news for India, US President Donald Trump has approved a new bill allowing immense duties on countries importing Russian oil. Notably, the US government has already imposed a 50 per cent tariff on India for buying Russian oil.
Trump approves 'Sanctioning Russia Act of 2025'
Trump has approved the 'Sanctioning Russia Act of 2025' bill, which can impose a minimum of 500 per cent tariffs on countries that "knowingly" import Russian petroleum products. US senator Lindsey Graham said that the bill aims to punish nations "who buy cheap Russian oil,” and it could have a direct impact on India, whose bilateral relation with the US is already strained.
It would punish those acting at Russia's direction, with Moscow reportedly refusing to negotiate a peace deal with Ukraine. The bill says that Trump "must increase the rate of duty on all goods and services imported into the United States from countries that knowingly engage in the exchange of Russian-origin uranium and petroleum products to at least 500 per cent relative to the value of such goods and services."
Lindsey Graham announces on X
Lindsey Graham took to X and wrote, "After a very productive meeting today with President Trump on a variety of issues, he greenlit the bipartisan Russia sanctions bill that I have been working on for months with Senator Blumenthal and many others. Ukraine is making concessions for peace, and Putin is all talk, continuing to kill the innocent."
He added, "This bill will allow President Trump to punish those countries that buy cheap Russian oil, fueling Putin’s war machine. This bill would give President Trump tremendous leverage against countries like China, India and Brazil to incentivize them to stop buying the cheap Russian oil that provides the financing for Putin’s bloodbath against Ukraine."
'PM Modi unhappy with me over high tariffs'
Meanwhile, Trump has said that Prime Minister Narendra Modi is unhappy with him due to steep American tariffs imposed on Indian goods, while reiterating his good personal relations with PM Modi. He said, "I have a very good relationship with PM Modi, but he is not happy with me, as India is paying high tariffs. But now they have reduced it very substantially, buying oil from Russia."