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Washington : US President Donald Trump has signed a law imposing new and stringent sanctions on Russia. This legislation empowers the US President to levy tariffs of up to 100% on countries that purchase oil and gas from Russia. This move by the US President could place India and China—the two largest buyers of Russian oil—directly in the US crosshairs. Notably, the law targets Russia’s energy sector, senior officials, financial institutions, and the covert networks of tankers used to evade sanctions.
The bill was put to a vote in the US House of Representatives; it passed with 262 votes in favor and 159 against. Having secured the necessary majority, the bill had already received approval from the Senate.
Under this new law, tariffs of up to 100% could be imposed on the five largest buyers of Russian oil or gas. However, these tariffs will not apply automatically. Trump will retain the discretionary power to decide which countries face tariffs, at what rates, and under what circumstances exemptions might be granted.
India is currently the world’s largest buyer of Russian crude oil. India has already cautioned the US that such a tariff regime could impact bilateral relations between the two nations. The Indian government has clarified that its priority is ensuring the country’s energy security and that it will continue to purchase oil from various nations based on market conditions.
China has also opposed this new US bill regarding tariffs on Russian oil and gas purchases. Beijing stated that trade and economic cooperation with any country should not be subject to interference or pressure from third parties. Chinese Foreign Ministry spokesperson Guo Jiakun stated that China opposes any action that has not been approved by the United Nations Security Council.
Report – Abhijit Tushar Bhatt (Political Editor)
