- Will buying Russian oil cost India?
- Bill passed giving Trump authority to impose tariffs of up to 100%
- A hanging sword of up to 100% tariffs on major oil buyers including India-China
US Tariff on India: This is what was left to be seen. Common people had to bear the brunt of inflation. It has now caused a tariff crisis. The US has taken a big step towards increasing economic pressure on countries that buy large amounts of oil and gas from Russia. The United States House of Representatives has approved the bill 'Lindsey O. Graham Sanctioning Russia and Iran Act of 2026' by 262 to 159 votes. The US Senate passed the bill on August 7 by a vote of 86 to 11. So, after the completion of the Congress process, he is now the President Donald Trump has been sent for his signature.
Did 100% Tariff apply directly to India?
Congress passing the bill does not automatically impose a 100 percent tariff on India. The bill would give the Trump administration the authority to impose tariffs of up to 100 percent on goods from major Russian energy buyers under certain conditions.
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Which countries may be affected?
The bill calls for tariffs on the five largest importers of Russian crude oil or gas, as well as on key countries that help Russia evade energy sanctions. As India and China are major buyers of Russian energy, the provision is likely to affect them.
India's first reaction
The Ministry of External Affairs of India has taken note of these developments and said that it is monitoring the further situation. India made it clear that it is committed to ensuring energy security for its 1.4 billion citizens. The central government has maintained that it will continue to procure energy from various sources as per changing market conditions and take necessary steps to protect India's trade and economic interests.
US attempts to increase pressure on Russia
The bill aims to put pressure on Russia's energy revenues. It includes sanctions on Russia's so-called 'shadow fleet', including Russian officials, financial institutions and the energy sector. Apart from this, the bill also includes sanctions related to Iran.
Now what next?
After the bill passed both houses of Congress, it is now on its way to President Donald Trump's signature. It will become law after they sign it. It will then be important to determine which countries, to what extent, and under what circumstances the administration exercises its tariff powers under the Act.
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