The tariff hammer over Russian oil

The US Senate on Tuesday overwhelmingly advanced a bipartisan sanctions bill that could significantly raise the economic stakes for countries buying Russian energy, including India and China, Times of India reported, while handing President Donald Trump sweeping powers to impose new tariffs on Moscow and its biggest customers.The legislation cleared its first procedural hurdle with an 86-12 vote and is expected to pass the Senate later this week.

However, it is unlikely to become law before September as the House of Representatives has already begun its August recess.Also Read: Zelenskyy hails US Senate vote on Russia sanctions as first step to peaceChampioned by the late Republican Senator Lindsey Graham, the bill would authorise the president to impose a 500% tariff on Russian goods entering the US.

It would also allow an additional 100% tariff on the world's five largest buyers of Russian crude oil and natural gas, as well as the top five countries found to be helping Moscow evade energy sanctions.

India and China are among Russia's biggest energy customers.The legislation also extends the Iran Sanctions Act of 1996 through 2031, preserving US authority to impose secondary sanctions on non-US companies doing business with Iran.

It further broadens measures targeting Russian oil and gas exports while giving the president the authority to waive sanctions if doing so is deemed to be in the US national interest.President Donald Trump has signalled support for the bill.

Earlier on Tuesday, he met Ukrainian President Volodymyr Zelenskyy at the White House before the Ukrainian leader travelled to Capitol Hill to rally bipartisan support for maintaining economic pressure on Moscow.Also Read: US senators announce deal on new Russia, Iran Sanctions Bill"Sanctions pressure on Russia is very important," Zelenskyy said.

"It's not only about your money.

It's also a big signal to Europe, a big signal to Ukraine."Senate Democratic leader Chuck Schumer said the legislation would send a strong message to Russian President Vladimir Putin, although some Democrats cautioned that it would also considerably expand Trump's authority to impose tariffs.If enacted, the legislation would mark one of Washington's most aggressive efforts yet to squeeze Russia's energy revenues.

It could also have significant implications for India, which has sharply increased imports of discounted Russian crude since the start of the Ukraine war. ...