The United States House of Representatives has passed a legislation allowing President Donald Trump to impose tariffs of up to 100% on countries, including India, that purchase Russian oil and gas. The bill was approved with 262 votes in favour and 159 against, following its passage by the US Senate on August 7.
On Wednesday, the United States House of Representatives passed a legislation known as the 'Graham-Leach-Bliley Act', which grants President Donald Trump the authority to impose tariffs of up to 100% on countries that purchase Russian oil and gas. The bill was approved with 262 votes in favour and 159 against, following its passage by the US Senate on August 7.
The legislation is named after late legislator Lindsey Graham, who had spearheaded it before his death in July. According to the draft law, the tariffs could apply to the five countries that imported the largest volumes of Russian crude oil or natural gas in the 12 months before the law takes effect, if they knowingly continue buying Russian crude oil 30 days after the law is enacted.
The foreign ministry of India stated on Thursday that the government remains committed to ensuring energy security for its people. “It will continue to do so through diversified sourcing and on the basis of evolving market dynamics,” it said. The Indian side has also made clear its determination to take all necessary measures to protect its trade and economic interests.
India’s import of Russian oil rose to an 11-month high in April, following the US-Israel war on Iran. Before this, India had reduced its purchases of Russian oil, which fell to a 38-month low in December. The Trump administration had imposed an additional 25% tariff on India over its purchase of Russian energy, taking the total tariff to 50%. The US Treasury later paused sanctions on Russian oil shipments that were already in transit before March 11, amid supply disruptions caused by the US-Iran conflict.
Negotiations on a final trade deal between India and the US have been postponed after the US Supreme Court on February 20 struck down global tariffs imposed by Trump, ruling that he had exceeded his authority.
Source:
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