The U.S. House has approved a bill that could give President Donald Trump the power to impose tariffs of up to 100% on major buyers of Russian oil, putting China and India under pressure.
Both countries remain major buyers of Russian crude and are not currently expected to significantly reduce their purchases. However, the proposed tariffs could give Washington additional leverage in negotiations with Beijing and New Delhi.
The measure is aimed at increasing pressure on Russia by targeting countries that continue to purchase its oil. If implemented, the tariffs could also affect trade flows, energy costs and global oil-market sentiment.
