New US bill proposes up to 100% tariffs on India for Russian oil purchase

A bipartisan group of Senators announced a new sanctions bill that proposes tariffs up to 100% on exports from India, China and three other countries for purchasing Russian oil. The bill – which has been backed by the White House – could be passed before August and aims to cripple Russia’s revenues from its energy exports and force an end to the Ukraine war. “It imposes tariffs that are targeted, narrowly limited to the five major purchasers, up to 100 percent, with waiver authority that is narrowly tailored and constricted. And those five major purchasers right now of oil are…