The US Senate has presented a revised version of the bill related to new sanctions on Russia. In this new draft, the proposed tariff (import duty) on countries like India and China for the purchase of Russian oil and gas has been reduced significantly as compared to before.
The purpose of this bill, supported by lawmakers from both Republican and Democratic parties, is to increase pressure on Russia. Under this, it is proposed to impose sanctions on Russian officials, financial institutions and energy projects. Besides, a provision for tariff has also been made for the countries purchasing large quantities of oil and gas from Russia to reduce their dependence.
Not 500, now how much percent tax will US impose?
According to news agency Reuters, in the amended bill it has been proposed to impose a maximum 100% tariff on Russian oil and natural gas purchased through third countries. Earlier in the draft, it was said that tariff of up to 500% would be imposed on all big buyer countries.
This bill was initiated by late Senator Lindsey Graham. During his visit to Ukraine, he had said that he had agreed with US President Donald Trump to take this law forward. However, Lindsey Graham died suddenly on Saturday.
Which countries including India will be subject to tariff?
According to the amended bill, the five largest countries purchasing crude oil from Russia have been kept under the purview of this provision. These include China, India, Slovakia, Hungary and Azerbaijan. At the same time, the major countries importing natural gas from Russia include China, France, Japan, Hungary and Belgium.
Which countries can get exemption?
The bill also provides for exemptions for countries that import less than 15% of Russia’s total natural gas exports and are taking steps to reduce their energy dependence on Russia. Countries like Japan, France, Hungary and Belgium can benefit from this provision.
What else is in the bill?
Apart from tariffs, the bill also proposes to impose sanctions on Russia’s so-called “shadow fleet”. Shadow Fleet refers to those tanker ships which transport Russian oil while remaining outside the maritime services of Western countries.
Along with this, a proposal has been made to impose sanctions on Russian financial institutions, including the Central Bank of Russia. The bill also targets major government energy projects like Yamal LNG and Arctic LNG.
A provision has also been added in the amended bill that if US President Donald Trump believes that relaxation in sanctions in any case is in the national interest of America, then he can waive the imposition of these sanctions.
How many MPs got support?
According to Senate officials, this bill currently has the support of 26 MPs. Officials have expressed hope that in the coming time, more MPs may also come in favor of it. After several months of negotiations and a consensus-building process with the White House, this bill is now likely to be taken forward.
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