❓WHAT HAPPENED: A bipartisan sanctions bill has been introduced to target countries purchasing Russian oil, threatening tariffs up to 500 percent.
👤WHO WAS INVOLVED: U.S. President Donald J. Trump, U.S. Senator Lindsey Graham (R-SC), and Russian oil purchasers like India, China, and Brazil.
📍WHEN & WHERE: Announced Wednesday, with a vote expected as early as next week in Washington, D.C.
💬KEY QUOTE: “This bill will allow President Trump to punish countries who buy cheap Russian oil fueling Putin’s war machine.” – Lindsey Graham
🎯IMPACT: The legislation could affect global oil markets and increase pressure on nations like India to reduce Russian oil imports.
President Donald J. Trump is backing legislation that would allow him to impose an unprecedented level of sanction-esque tariffs on countries like China, India, and Brazil for purchasing Russian oil. U.S. Senator Lindsey Graham (R-SC) announced the bipartisan effort on Wednesday, which includes tariffs of up to 500 percent on buyers of Russian crude oil or uranium.
The legislation is designed to drastically increase pressure on nations that continue to trade with Russia despite existing U.S. sanctions. India, in particular, has faced criticism for increasing its imports of discounted Russian oil since the full-scale invasion of Ukraine began. According to Indian government data, Russian oil imports accounted for over 35 percent of the nation’s total oil imports last November, marking a six-month high.
“This bill will allow President Trump to punish countries who buy cheap Russian oil fueling Putin’s war machine,” Senator Graham said, naming India, China, and Brazil as potential targets. The bill, which refers to the measures as “secondary sanctions,” has reportedly been in development for months as the Trump administration continues its push for a peace deal in Ukraine.
Meanwhile, last Sunday, President Trump warned India that higher trade tariffs could be imposed if the nation does not reduce its Russian oil imports. “We could raise tariffs on India if they don’t help on the Russian oil issue,” he stated.
The legislation is expected to come to a vote as early as next week, with Senator Graham expressing optimism for a “strong bipartisan vote.”
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