US President-elect Donald Trump has expressed support for a new Senate bill that would impose tariffs of up to 500% on countries importing Russian energy. The legislation targets major buyers such as India and China to exert economic pressure amid the Ukraine conflict. This move aims to sanction Russia's trade partners and curb its energy exports.
Donald Trump has voiced approval for a US Senate bill introducing steep tariffs on nations engaging in energy trade with Russia. The proposed legislation, which Trump described as something he is 'okay' with, would levy penalties up to 500% on imports from countries buying Russian oil and crude. This targets key purchasers including India and China, seeking to isolate Russia economically during its ongoing conflict in Ukraine.
The bill represents a escalation in US efforts to penalize Russia's energy sector, a vital revenue source for its war efforts. According to reports, the measure aims to disrupt global trade patterns by deterring secondary markets from sustaining Russian exports. India and China have been significant importers of discounted Russian energy since Western sanctions intensified following the 2022 invasion of Ukraine.
No specific timeline for the bill's passage has been detailed, but Trump's endorsement signals strong Republican backing in the incoming administration. The initiative highlights tensions in international relations, balancing economic pressures with global energy dependencies. Critics may argue it could raise costs for importing nations, potentially affecting their economies.