Major US Shock for India Over Russian Oil!

The US Senate has overwhelmingly approved a bill aimed at imposing additional tariffs of up to 100% on countries that continue purchasing oil, natural gas and other products from Russia. The bill, which passed with 86 votes in favour and 11 against, would give the US President authority to impose heavy tariffs and sanctions on major Russian energy buyers, including India, China, Azerbaijan, Hungary and Slovakia.

The legislation still requires approval from the US House of Representatives and President Donald Trump’s signature to become law. Proposed with the stated aim of supporting Ukraine and restricting Russia’s financial resources, the bill comes amid US criticism of India and China for continuing to purchase discounted Russian oil. Russia accounts for more than 40% of India’s crude oil imports. Whether India could receive an exemption if a US-India trade deal is finalised remains to be seen.