Russia sanctions bill: Major relief for India, China as US eases tariffs from 500% to 100%
The updated proposal also gives US President Donald Trump the authority to waive the sanctions if he determines that doing so serves America's national interest.
PTC News Desk: The United States has proposed changes to its Russia sanctions bill that could provide some relief to India and China, the two largest buyers of Russian crude oil, according to Reuters.
A revised version of the legislation, introduced by Republican and Democratic senators on Tuesday, reduces the proposed maximum tariff on countries purchasing Russian oil and gas to 100%, instead of the earlier blanket 500% tariff. The bill is aimed at discouraging countries from relying on Russian energy while also imposing sanctions on Russian officials.
The updated proposal also gives US President Donald Trump the authority to waive the sanctions if he determines that doing so serves America's national interest.
India and China, which are among the biggest importers of Russian crude, could benefit from the changes. Under the revised bill, the highest tariff would apply only to the five largest buyers of Russian oil and natural gas, rather than all countries importing Russian energy as proposed earlier.
The legislation, originally introduced by Republican Senator Lindsey Graham and Democratic Senator Richard Blumenthal, enjoys bipartisan support. Senate aides said the bill currently has 26 co-sponsors, with additional backing expected as it progresses through Congress. Reuters reported that the revised version is considered more likely to pass than the original draft.