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US President Donald Trump has approved the new bill called the ‘Sanctioning of Russia Act 2025’, which aims to sharply increase pressure on Russia over the Ukraine war.
The proposed law would allow the US to impose tariffs of at least 500 per cent on countries that buy Russian oil, including China and India, an influential Republican senator has said.
Lindsey Graham, a senator for the US state of South Carolina, said that the US President had given the green light to the sanctions bill he has been working on for months, according to global media reports.
“Trump greenlit the bipartisan Russia sanctions bill that I have been working on for months with Senator Blumenthal and many others,” he said on Wednesday.
China and Russia continue to be major buyers of Russia’s oil despite US and European sanctions imposed on the Russian energy sector in response to Moscow’s war in Ukraine.
China bought nearly half of Russia’s crude oil exports in November, while India took about 38 per cent of exports, according to an analysis by the Centre for Research on Energy and Clean Air.
Brazil dramatically ramped up its purchase of subsidised Russian oil after the invasion of Ukraine in 2022, but those imports have fallen substantially in recent months.