US Imposes Up to 100% Tariffs on Countries Importing Russian Oil

The US House of Representatives has passed a bill that allows for up to 100% tariffs on countries importing Russian oil, including India. This move aims to reduce dependence on Russian energy resources and put pressure on Russia over its invasion of Ukraine.

India, the world's third-largest oil importer, has increased its imports of discounted Russian oil since the war in Ukraine began in 2022. The country imported nearly 88% of Russia's crude oil, making it one of Moscow's biggest customers after China.

The Indian government has stated that it remains committed to ensuring energy security for its 1.4 billion people and will work closely with trade and industry bodies to deal with the implications of the legislation.