US Proposes Heavy Tariffs on Russian Oil, Impacts on India & China Loom

India is closely monitoring a US proposal imposing up to 500% tariffs on countries buying Russian crude oil. The legislation, backed by President Trump and authored by Senator Lindsey Graham, aims to pressure nations like India and China, major Russian oil buyers, to curb their purchases.

In a significant geopolitical move, the United States has proposed a legislation that could impose as much as 500% tariffs on nations purchasing Russian crude oil, a development being watched closely by India.

India and China are among the major importers of Russian oil, making them targets of this potential legislation. US Senator Lindsey Graham, who authored the bill, disclosed this week that President Donald Trump supports the proposal.

The bill is seen as a tool for the US to exert pressure on countries to decrease their procurement of Russian oil, thereby cutting off revenue that allegedly fuels Russia's military activities against Ukraine.

(With inputs from agencies.)