Proposal for 100% duty on five countries including India for purchasing oil from Russia, bill presented in US Senate
Washington. A bill has been introduced in the US Senate, in which a provision has been made to impose heavy duty on countries purchasing crude oil from Russia. Under this proposed law, it has been said that up to 100 percent duty will be imposed on five countries including India and China. This bill was introduced in the Senate with the support of more than 60 members. It was prepared jointly by Senator Richard Blumenthal of the Democratic Party and late Senator Lindsey Graham of the Republican Party.
Which countries may be charged?
According to the bill, it is proposed to impose additional duty on countries that are big buyers of Russian oil. These include India, China, Slovakia, Hungary, Azerbaijan. The bill has a provision to impose duties on imports from countries that are among the top buyers of crude oil or natural gas from Russia or help it evade sanctions imposed on Russia.
The aim is to stop Russia’s earnings
The purpose of this bill is said to be to put pressure on Russia’s political leadership, financial institutions, energy sector and networks that avoid sanctions. The leaders who prepared the proposal say that its purpose is to deprive Russia of the financial aid used for the Ukraine war. Senator Richard Blumenthal had earlier said that through this proposal an attempt is being made to put economic pressure on the major buyers of Russian oil.
Some countries may get exemption
A provision to provide relief to some European countries has also been made in the proposed law. Exemptions may be given to countries that are limiting their purchases of natural gas from Russia and taking steps to reduce it. Apart from this, Russian uranium purchase by the US for its nuclear energy and medical needs has also been kept out of this tariff. There is also a provision to exempt activities related to US-Russia cooperation in the nuclear and space sectors.
There will be review every 180 days
The bill calls for giving the US Trade Representative the authority to review the top five countries that buy the most oil and gas from Russia every 180 days. Fee rates may also be revised as purchasing patterns change.
Earlier there was a proposal of 500% fee
In the earlier draft of this bill, it was proposed to impose a duty of up to 500 percent on countries purchasing oil and gas from Russia. Later it was amended to provide for 100 percent fee. The bill, titled ‘Lindsey O’Graham Sanctions Russia Act of 2026’, has also been described as a tribute to late Senator Lindsey Graham. Now further process on this bill will be completed in the US Parliament.
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