business ⛽ US sanctions bill threatens India's Russian oil deal 😟
A new Senate sanctions bill could target countries buying Russian oil and gas with heavy tariffs. This legislation, passed 86-11, allows President Donald Trump to impose up to 100% tariffs on major buyers like India. India has sourced record amounts, taking 52% of its oil imports from Russia in June and 56% in July. Russian crude has been vital for India's energy security since the 2022 invasion of Ukraine. If enacted, India faces a tough choice between cheap energy and US friction.