Trump's Sanctions Bill Targets Russian Oil Purchases with Potential 500% Tariffs
New Sanctions Bill Approved by Trump
President Donald Trump has given his approval to a sanctions bill that could impose tariffs as high as 500% on nations buying oil from Russia, according to Senator Lindsey Graham's announcement on Thursday.
This proposed legislation, pending approval from Congress, aims to enable Trump to “punish nations” that purchase inexpensive Russian oil, which is believed to support Vladimir Putin's military efforts, Graham stated.
Graham emphasized that this bill would provide Trump with significant leverage over countries such as China, India, and Brazil, encouraging them to cease their purchases of Russian oil that finance Putin's aggression in Ukraine.
The senator mentioned that the bill might be voted on in Congress next week and expressed optimism about receiving bipartisan backing.
“The timing is crucial, as Ukraine is making peace overtures while Putin continues his violent campaign,” he remarked.
This announcement follows Graham's earlier comments on Sunday, where he indicated plans to introduce the bill, suggesting a tariff range from “0 to 500%.”
“The president determines the tariff rate,” Graham explained to reporters. “No one else has that authority.”
He added that the goal is to create a difficult decision for those buying cheap Russian oil that sustains Putin's military operations.
To support his argument regarding the effectiveness of tariffs, Graham cited a private conversation with the Indian ambassador, who mentioned that India was reducing its Russian oil purchases and encouraged him to ask Trump to ease tariffs on such imports.
In discussions with Trump, Graham asserted that pressuring countries that buy Russian oil is essential to resolving the conflict in Ukraine.
He believes that Trump's actions have significantly contributed to India's decreased purchases of Russian oil.
The tariffs targeting India and other nations were part of Trump's strategy to exert pressure on those acquiring discounted oil from Russia amid the ongoing war in Ukraine.
Without a trade agreement with the US, Indian products are currently facing a total tariff rate of 50%. This includes a 25% reciprocal duty imposed on August 7, followed by an additional 25% punitive tariff on August 27.
Trump has consistently claimed that the importation of discounted Russian oil by countries like India is fueling Moscow's military actions in Ukraine.
In response to Graham's statements, Trump indicated that the US might increase tariffs on India if it does not reduce its Russian oil imports.
On Tuesday, Trump reiterated his assertion that the punitive tariffs have led India to cut back on its imports from Russia.
India's Ministry of External Affairs has yet to respond to the recent comments from Graham and Trump, but New Delhi has consistently stated that its energy policy aims to ensure stable prices and secure supplies.