US senators backed by President Donald Trump have introduced legislation that could impose tariffs of up to 100% on India for purchasing Russian crude oil.
The proposal was announced during a press briefing in Washington on sanctions against Russia. According to the senators, the tariffs would specifically target the five largest buyers of Russian oil rather than applying broadly.
The countries named in the proposed legislation are China, India, Slovakia, Hungary and Azerbaijan. The bill would grant the US administration only limited authority to waive the tariffs under exceptional circumstances.
The proposed legislation also includes an exemption for buyers importing less than 15% of their total natural gas from Russia, provided they are taking concrete steps to reduce their dependence.
The senators said the exemption is intended to protect America’s European allies from the economic impact of the proposed sanctions.
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