Trump backs bill proposing 500% tariffs on India & China for buying Russian oil

INDIA IMPORTS ABOUT 88% OF ITS CRUDE OIL FROM OVERSEAS

- MPOST BUREAU

US President Donald Trump has approved a bipartisan sanctions proposal that would allow the United States to impose tariffs of up to 500 per cent on countries that continue buying Russian oil, according to Senator Lindsey Graham.

The move is intended to increase pressure on Moscow by targeting the revenue streams that finance its war in Ukraine.

Graham said he had a “very productive meeting” with Trump at the White House on Wednesday, during which the president “greenlit” the sanctions bill that has been under discussion for several months.

The legislation is designed to give Trump broad authority to penalise nations purchasing discounted Russian energy.

“This will be well-timed, as Ukraine is making concessions for peace, and Putin is all talk, continuing to kill the innocent,” Graham wrote on X. “This bill will allow President Trump to punish those countries who buy cheap Russian oil, fuelling Putin's war machine.”