Now Reading: US bill on Russian crude threatens 100% tariffs on India
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US bill on Russian crude threatens 100% tariffs on India
Exporters are worried after the US Senate passed a bill on August 7 that could allow President Donald Trump to slap tariffs of up to 100% on countries, including India, that buy…
The Story in Brief
Exporters are worried after the US Senate passed a bill on August 7 that could allow President Donald Trump to slap tariffs of up to 100% on countries, including India, that buy Russian crude oil. The bill, called the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, now goes to the House of Representatives, which can approve, amend or reject it from August 31.
Russia supplied 30.3% of India's crude imports in FY2026, worth $40.8 billion, according to the Global Trade Research Initiative (GTRI). India's energy purchases from the US rose to $12.5 billion in FY26, leading some experts to hope for an exemption. Ajay Sahai of FIEO said exporters are awaiting clarity on how the act will be implemented.
The Indian Opinion
This bill plays into the tired narrative that India is choosing Russia over the West, ignoring that New Delhi bought $12.5 billion of US energy in FY26. The 100% tariff threat sounds dramatic, but the real test is whether the House even passes it when it reconvenes on August 31. Until then, this is more noise than crisis.
Source: businesstoday.in
This story was synthesised by AI from the source linked above.
