US lawmakers have introduced a revised version of a bipartisan Russia sanctions bill that significantly reduces the proposed tariff on countries importing Russian energy, including India and China. The updated legislation would empower US President Donald Trump to impose tariffs of up to 100 per cent, replacing the earlier proposal that called for tariffs as high as 500 per cent.
The bill, originally introduced by Republican Senator Lindsey Graham and Democratic Senator Richard Blumenthal, aims to tighten sanctions on Russian officials while using trade measures to encourage major buyers of Russian energy to reduce their dependence on Moscow.
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According to US lawmakers, the legislation is intended to increase economic pressure on Russia and push it towards ending its prolonged military offensive in Ukraine, which has continued for more than four years. They argue that the conflict has resulted in millions of military casualties and caused widespread destruction across Ukraine, with damage estimated at nearly $200 billion.
Among the world’s largest importers of Russian crude oil are China, India, Slovakia, Hungary and Azerbaijan. China also leads imports of Russian natural gas, followed by France, Japan, Hungary and Belgium.
If enacted and implemented by President Trump, the proposed tariffs could have significant implications for US trade ties with key economies such as India and China, potentially adding fresh strain to already sensitive commercial relations.
(This story is published from a syndicated feed)
