Trump backs 500% tariff bill on India, China over Russian oil
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- Trump endorsed the Sanctioning Russia Act, which would authorize tariffs of up to 500% on imports from countries purchasing Russian oil, gas, and petroleum products.
- The bill was co-authored by the late Senator Lindsey Graham and Democratic Senator Richard Blumenthal; Trump told reporters in the Oval Office he sees a good chance it becomes law.
- India and China together purchase nearly 70% of Russia's oil, gas, and petroleum exports, making them the primary targets Graham designed the legislation to squeeze.
- India's Russian crude imports fell from approximately 1.84 million barrels per day in November 2025 to about 1.04 million bpd by February 2026, according to Kpler data cited in the article.
- A US Treasury waiver that had allowed Indian refiners to continue buying Russian crude expired on June 17, leaving India's current purchases in a legal grey area.
- Trump suggested Iran and Hezbollah could be added to the sanctions package currently being debated in Congress.
- The bill has drawn criticism from within the Republican Party, complicating its path through the Senate, though many lawmakers view passage as a tribute to Graham.
Why it matters: India, one of Moscow's largest crude buyers, has already cut Russian oil imports by roughly 44% since November 2025, and the June 17 expiration of the Treasury waiver leaves refiners operating in a legal grey area — a 500% tariff would force India to choose between cheap Russian crude and access to US markets.
