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Economic Buzz: US President backs sanctions bill that could impose 500 per cent tariffs on India, China for buying Russian oil
08-Jan-2026 15:42

US President Donald Trump has backed a sanctions bill that could impose 500 per cent tariffs on countries buying Russian oil, giving the White House leverage against countries like China and India to stop them from purchasing cheap oil from Moscow. US Senator Lindsey Graham on Wednesday said that the legislation would give the White House tremendous leverage against countries like China, India and Brazil to incentivise them to stop buying cheap oil from Russia.

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