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MoneyWireTariff Wars: Bill threatening 500% tariff on India for Russian oil trade gets Trump's nod
Tariff Wars

Bill threatening 500% tariff on India for Russian oil trade gets Trump's nod

This story was originally published at 12:58 IST on 8 January 2026
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Informist, Thursday, Jan. 8, 2026

 

NEW DELHI – US President Donald Trump has approved the bipartisan Russia Sanctions Bill that gives sweeping authority to the president to penalise Russia's trading partners, including India, China and Brazil, over their purchase of Russian oil, Republican Senator Lindsey Graham announced on Thursday.

 

The bipartisan legislation, penned by Lindsey Graham and Richard Blumenthal, would require the US to impose a 500% tariff on all goods imported from any country that continues to purchase Russian oil, petroleum products or uranium.  

 

"After a very productive meeting today with President Trump on a variety of issues, he greenlit the bipartisan Russia sanctions bill that I have been working on for months with Senator Blumenthal and many others," Graham posted on his X handle.

 

The bill could come up for vote "as early as next week".

 

"This will be well-timed, as Ukraine is making concessions for peace and Putin is all talk, continuing to kill the innocent. This bill will allow President Trump to punish those countries who buy cheap Russian oil fuelling Putin's war machine," Graham added.

 

He said the bill would give President Trump "tremendous leverage against countries like China, India and Brazil" to incentivise them to stop buying the cheap Russian oil that "provides the financing for Putin's bloodbath against Ukraine".  End

 

Reported by Asim Khan

Edited by Avishek Dutta

 

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