The US House has approved a sanctions bill on Russia, posing a tariff threat to India and China. The bill grants President Trump authority to impose additional tariffs.
Washington: (RightNow) The US House of Representatives has approved a sanctions bill against Russia, raising alarms for India.
According to the bill, President Donald Trump is authorized to impose up to 100% additional tariffs on countries purchasing Russian oil and gas. This authority could impact major buyers of Russian oil.
The bill includes further sanctions on Russian officials, financial institutions, and the energy sector. Russian oil tanker networks will also face restrictions.
India and China are major buyers of Russian energy, potentially bringing them under the scope of US tariffs. However, imposing a 100% tariff is not mandatory and remains at President Trump’s discretion.
It is noteworthy that the bill could also impose sanctions on Iranian entities involved in defense cooperation with Russia. After approval, the bill has been sent to the White House for President Trump’s signature.
