Now Reading: US Senate bill threatens 100% tariff on Russian oil buyers
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US Senate bill threatens 100% tariff on Russian oil buyers
The US Senate has passed a Russia sanctions bill that could impose tariffs of up to 100% on countries including India and China for purchasing Russian crude oil and natural gas. The…
The Story in Brief
The US Senate has passed a Russia sanctions bill that could impose tariffs of up to 100% on countries including India and China for purchasing Russian crude oil and natural gas. The bill, called the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, passed 86-11 and now moves to the House of Representatives. Opposition leaders Arvind Kejriwal and Congress's Pawan Khera accused Prime Minister Modi of compromising India's sovereignty by yielding to US pressure.
Economic experts warn the tariff threat could raise India's import bill and inflame inflation. CareEdge Ratings said crude could breach $100 a barrel if India is forced to cut Russian oil imports while the Strait of Hormuz remains disrupted, potentially doubling the current account deficit. India's crude imports from Russia have risen to roughly 50% of total imports. The bill also targets China, Slovakia, Hungary and Azerbaijan.
The Indian Opinion
Both the opposition and the government are spinning this for political gain. The opposition paints Mr Modi as a pushover, but the bill is not yet law and India has long balanced ties with Washington and Moscow. On the other hand, talk of 'strategic autonomy' rings hollow when a foreign legislature can threaten 100% tariffs on a key import. The real test is this: if crude crosses $110 a barrel, will New Delhi pass on the cost to consumers or quietly absorb it?
Sources (6): hindustantimes.com, timesofindia.indiatimes.com, economictimes.indiatimes.com, timesnownews.com, thehindubusinessline.com, millenniumpost.in
This story was synthesised by AI from the 6 sources linked above.
Updated: this story now draws on 6 sources.
