US President Donald Trump has approved a bill to impose import tariffs of up to 500 percent on several countries, including India, for buying oil from Russia. If the bill passes, the US will be able to take tough economic measures on countries that strengthen Vladimir Putin’s ‘war machine’ by buying oil or uranium from Russia.
\nRepublican Senator Lindsey Graham, known as a hardliner in US foreign policy, said that Trump has agreed to this bipartisan (Republican and Democratic parties) ‘Russia Sanctions Bill’ (sanctions on Russia). Its aim is to put pressure on Russia’s trading partners, especially India, China and Brazil.
\nRepublican Lindsey Graham and Democrat Senator Richard Blumenthal originally created the bill. It gives the Trump administration the power to impose tariffs of up to 500 percent and second-tier sanctions on purchases of Russian oil, gas, uranium and other products. The aim is to cut a large part of Russia’s military spending.
\nIf the Graham-Blumenthal bill passes, the US president will be able to impose tariffs of up to 500 percent on goods from countries that knowingly buy Russian oil or uranium. The main goal of these harsh sanctions is to cripple Moscow economically so that Putin can come to the negotiating table to end the war in Ukraine.
\nSenator Graham said that the bill could be voted on next week. He believes that the bill has come at the right time to stop Putin when Ukraine is making concessions for peace. India currently imposes a 50 percent tariff on some goods exported to the US. Of this, 25 percent is already imposed on purchases of Russian oil. If the new bill passes, the amount of these tariffs could skyrocket, which would have a major impact on trade between the two countries.<\/p>\n
Source: NDTV<\/p>\n","protected":false},"excerpt":{"rendered":"
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