Bill Threatening 500% Tariff On India For Russia Oil Trade Gets Trump’s Approval

The United States is taking a firm stance on its ongoing sanctions strategy against Russia. President Donald Trump has officially endorsed a bipartisan sanctions bill that could hit countries trading with Moscow, including India, China, and Brazil. The development signals a potential shift in global trade dynamics, especially for nations importing Russian oil and uranium.

Market Performance & Global Context

Global markets are watching closely. The bill, known as the Graham-Blumenthal sanctions bill, authorizes tariffs of up to 500% on countries that knowingly purchase Russian energy exports. While the U.S. aims to cut off funding to Moscow’s war machine, nations like India could face significant economic implications if the legislation comes into force.

• Tariffs could reach 500% on Russian oil, gas, and uranium imports.
• Sanctions target countries indirectly supporting Russia’s military efforts.
• The bill comes as the Trump administration continues negotiations for a peace deal in Ukraine.

The move reflects the U.S. administration’s broader strategy to pressure Russia economically while simultaneously maintaining leverage in ongoing peace talks.

Main News: Trump Greenlights the Sanctions Bill

Republican Senator Lindsey Graham, a leading defense hawk, confirmed that Trump “greenlit” the bill during a meeting at the White House. A White House official also verified this to the Associated Press.

Graham highlighted the timing, stating that it aligns with Ukraine’s ongoing concessions for peace, while Russia continues aggressive actions. He emphasized that the legislation aims to hold trading partners accountable for supporting Putin’s war efforts.

• Trump’s support signals strong executive backing for the bill.
• The legislation has been in discussion for months before reaching this stage.
• Graham hinted that a Senate vote could happen as early as next week, though timing remains uncertain.

The Senate is expected to focus on a scaled-back government funding package first, with a recess scheduled around Martin Luther King Jr Day, which could affect the timeline for the sanctions vote.

About the Russia Sanctions Bill

The bill is co-authored by Senator Lindsey Graham and Democratic Senator Richard Blumenthal. It empowers the U.S. administration to:

• Impose tariffs up to 500% on countries purchasing Russian energy exports.
• Apply secondary sanctions to further restrict financial support to Russia.
• Target oil, gas, uranium, and other critical exports from Moscow.

The legislation has broad support in the Senate, with dozens of co-sponsors. In the House, a companion bill has been drafted by Republican Representative Brian Fitzpatrick.

While the White House has indicated some desire for flexibility in how the sanctions are implemented, details on revisions remain unclear.

Company Details & Trade Implications

Although the bill primarily affects governments, its ripple effects could touch global companies involved in energy trade. Countries like India, which import Russian oil, may need to reassess their procurement strategies if tariffs are implemented.

• Companies trading in Russian energy could face significant cost increases due to tariffs.
• Secondary sanctions could disrupt broader financial transactions connected to Russian exports.
• Energy markets are likely to see short-term volatility as the legislation progresses.

Summary

The Graham-Blumenthal sanctions bill, now backed by President Trump, represents a significant development in the economic containment of Russia. Tariffs of up to 500% on nations trading Russian oil, gas, and uranium could reshape global trade patterns.

With the bill moving closer to a Senate vote, countries like India are under the spotlight. Markets, energy companies, and governments alike will be closely monitoring the next steps, as the United States positions itself to cut off financial support to Russia while negotiating peace in Ukraine.

Source: NDTV