US Senate passes Russia sanctions bill, India and others at risk of 100% tariffs – Here what it means for trade and oil imports

The US Senate has advanced a major Russia sanctions bill that could expose India and four other countries to tariffs of up to 100% over their continued purchases of Russian energy. The bill seeks to impose sanctions on Russian officials and authorise tariffs of up to 100% on imports from India, China, Slovakia, Hungary and Azerbaijan. Lawmakers say the aim is to encourage these countries to reduce their dependence on Russian energy following Moscow’s invasion of Ukraine. As a result, Indian refiners increased imports of Russian oil to meet domestic demand. AdvertisementIn response, the US introduced a waiver allowing continued purchases of Russian oil under certain conditions, stating that these transactions would not generate profits for Russia.