India back in US' firing line over an old friend
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Live Events as a Reliable and Trusted News Source Addas a Reliable and Trusted News Source Add Now! (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel A bill seeking to impose 100 per cent tariffs on five countries, including India and China, for buying Russian oil, while exempting European nations purchasing gas from Moscow, was introduced in the US Senate with the support of over 60 lawmakers.The bill, introduced on Thursday, was conceived by Democrat Senator Richard Blumenthal and late Republican Senator Lindsey Graham.It is designed to deprive Russian President Vladimir Putin of revenue used to finance the war against Ukraine by imposing mandatory sanctions on Russia's political leadership, financial institutions, energy sector, and sanctions evasion networks.Blumenthal had said on Tuesday that the proposed legislation was aimed at imposing 100 per cent tariffs on five major purchasers of Russian oil -- China, India, Slovakia, Hungary and Azerbaijan.The text of the bill introduced in the Senate on Thursday imposes tariffs on imports from countries that are the world's top five purchasers of Russian crude oil or natural gas or are among the top five facilitators of Russian oil sanctions evasion.The bill exempts countries, mostly European nations, whose imports of Russian natural gas account for less than 15 per cent of Russia's total natural gas exports and which are taking significant steps to reduce those imports.It also calls for the US Trade Representative to reassess the top five purchasers every 180 days and adjust tariff rates based on changes in purchasing patterns.The proposed legislation exempts the purchase of Russian uranium by the US for its nuclear reactors and medical isotopes requirements. It also excludes activities carried out under the US-Russia cooperation in the nuclear and space sectors.Named the Lindsey O Graham Sanctioning Russia Act of 2026, the bill is a tribute to Graham, who died on Saturday.An earlier version of the bill sought to impose 500 per cent tariffs on purchasers of oil and gas from Russia.If enacted, it would mark the first time the US Congress has explicitly authorised the use of tariffs as a geopolitical weapon to punish countries financing another nation's war effort."Until the very day he passed, Lindsey remained focused on passing the Russia sanctions bill. Passing this legislation would honour my brother's steadfast commitment to our national security, and it would provide President Trump with additional leverage to bring this war to an end," Senator Darline Graham said."I look forward to working with my colleagues to pass this legislation and send it to President Trump's desk," said Darline, Lindsey's sister who was appointed to the Senate to complete his remaining term in office.Last month, the US proposed imposing a 12.5 per cent tariff on 54 countries, including India, for allegedly failing to prohibit the import of goods produced using forced labour.
The BriefWire