A proposed bill of America can clear the way to impose a huge tariff of 500 percent on some countries of the world including India-China. The bill has the support of US President Donald Trump. According to the US, this tariff will be imposed on those countries which are still continuing business with Russia. And buying oil from him.
Republican Senator Lindes Graham has given this information in a conversation with ABC News.
According to ABC News, Graham said, “If you are buying products from Russia, and you are not helping Ukraine, then you will take 500% tariff on products you come to the US. India and China buy 70% of Putin oil. They keep the war system of Russia.”
It is believed that this bill can be introduced in August. If this happens, it will be considered a big step in an American attempt to separate Russia financially.
If this bill is passed then it can have a serious impact on India and China. Because both these countries are the biggest buyers of missing Russian crude oil. This American step also poses a risk of tariffs on exports such as pharmaceuticals, textile and IT services for India.
India is a major buyer of Russian oil. In the third year of the invasion of Ukraine, India imported 49 billion euros of crude oil. Traditionally, India receives its oil from the Middle East, but soon after the invasion of Ukraine in February 2022, India started importing large amounts of oil from Russia.
This bill is being discussed by the US when the Indo-US trade agreement is going to be done. US Treasury Secretary Scott Besant said on Tuesday that the trade agreement is “very close”. While the Indian delegation is constantly discussing with American officials in Washington. Sources told India Today that a deadlock in the trade deal negotiations between the two countries had come.
The proposed bill co-proposed by Graham and Democratic Senator Richard Bluemethal is also allegedly supporting 84 other senators.
The time has come to pursue your bill
The aim of this bill is to prevent the purchase of Russian oil on the countries of the world, to weaken the “Moscow war economy” and pressurize Russia to hold peace talks with Ukraine.
Graham told ABC News that when he was playing golf with Trump yesterday, he gave the green signal to this bill. Lindsay Graham said, “Yesterday he said for the first time- Now the time has come to advance your bill, then I was playing golf with him.”
Originally this bill was proposed in March itself. That is, this bill had to come only then. But the bill got stuck after the White House indicated the protest.
The Wall Street Journal had released a report on this bill, saying that Trump had pressed quietly to change the language of this bill. In this, it was asked to use ‘May) instead of’ Shall ‘.
Later, Graham made a distinct proposal for the countries who have allegedly supported Ukraine, so that the concern among the US European colleagues could be reduced. Graham said, “We are going to give a solution to President Trump.”
If this bill becomes a law, it can lead to a widespread change in America’s business relations with both China and India. Since America is the main export market of India, this policy can also give rise to diplomatic tension on a large scale.
Russia oil has brought relief
Russia sold crude oil to India at concessional rates due to Western sanctions after the Russia-Ukraine War. The import of crude oil from Russia has given India many benefits in terms of economic, strategic and energy security. Cheap oil reduced the import bill, increased the export of refined products and helped control global oil prices. It was due to Russia’s oil that India could keep its country crude oil prices stable during the Middle East crisis, Ukraine War.
From 24 February 2022 to 2 March 2025 since the Ukraine War began, India has imported crude oil worth about 112.5 billion euros (about 118 billion dollars, 1 euro = $ 1.05) from Russia. This information is based on a report by the Center for Research on Energy and Clean Air (Crea). The stake of crude oil from Russia was less than 1% before the war, which increased to 35-45% in 2023-24.
Russia oil was cheaper than countries like Saudi Arabia and Iraq. This reduced the country’s import bill. The import of crude oil from Russia provided economic savings of up to $ 25 billion.
According to Crea and other sources, India saved from 2022-2025 to $ 10.5 to 25 billion on Russian oil imports.