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Russian oil buyers to face US, EU actions
Financial Express Kochi
|September 09, 2025
The US and Europe are considering imposing fresh tariffs on the countries that buy Russian oil, US Treasury Secretary Scott Bessent has said.
The move, aimed at putting pressure on Moscow for peace talks with Ukraine, could further dampen sentiments of Indian businesses and exporters already reeling under a prohibitive 50% levy.
The US doubled its tariffs on India last month, adding an additional 25% levy for the country's continuing purchases of Russian oil and military equipment. India has, however, remained firm on its purchase of Russian oil, and dubbed the tariff measures as "unfair, unjustified and unreasonable".
Bessent said they were discussing a new round of sanctions and secondary tariffs on Russia, hoping that a Russian economic "collapse" will bring Putin to peace talks with Ukraine.
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