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US Oil Tariffs: US toughens stance on Russian oil purchases; 5 countries including India, China set to impose 100% tariffs

  
  
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  US Oil Tariffs: A bipartisan group of US senators has introduced legislation proposing to impose tariffs of up to 100% on imports from India, China and three other countries for their continued purchases of Russian oil, the latest effort by Washington to increase economic pressure on Moscow over the Ukraine war. The proposed legislation targets the five largest buyers of Russian oil - India, China, Slovakia, Hungary and Azerbaijan - while exempting 15 European countries that continue to import Russian natural gas. The lawmakers argue that those purchases are only a small part of their energy needs and that those countries are reducing their dependence on Moscow. The bill, one of the last major initiatives supported by the late Republican Senator Lindsey Graham, is also sponsored by Democratic Senator Richard Blumenthal, who has urged Congress to pass it quickly. Announcing the legislation, Blumenthal said the White House had agreed to the proposal before Graham's death. "Now is the time for this comprehensive sanctions bill," Blumenthal said, describing it as far more comprehensive than tariff measures. He said the legislation would impose "completely restrictive sanctions" on key sectors of the Russian economy, including its energy, financial and defense industries, as well as sanctions targeting Russian President Vladimir Putin, oligarchs (wealthy businessmen) and business figures. Blumenthal said the proposed tariff of up to 100 percent has been “carefully crafted” so that it applies only to the five largest buyers of Russian oil. Speaking to reporters, a lawmaker said the exact tariff rate — which would range from zero to 100 percent — would be set with the aim of severely discouraging continued purchases of Russian energy by the targeted countries. The move comes as Washington seeks to tighten economic measures against Moscow amid the ongoing conflict in Ukraine. US lawmakers have argued that reducing revenues from Russian energy exports is at the heart of efforts to undermine Russia’s ability to continue the war. India has significantly increased its imports of Russian crude oil since the start of the Ukraine conflict in 2022, maintaining that its energy purchases are guided by national interests and aimed at ensuring affordable energy supplies. New Delhi has consistently defended its position, saying it does not support unilateral sanctions not mandated by the United Nations and that its energy sourcing decisions are based on market conditions and domestic needs. The proposed legislation would have to pass both houses of the US Congress before becoming law, and it is uncertain whether it will move forward in its current form.
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