Overview
- Trump said Republicans are advancing legislation to impose harsh penalties on nations that continue trading with Russia, with the president noting Iran could be added.
- The reported proposal would allow tariffs as high as 500% on imports from countries purchasing Russian oil or gas, targeting major buyers such as China and India.
- U.S. sanctions in October on Rosneft and Lukoil triggered a roughly 6% jump in oil prices within hours and reports of halted shipments to large Indian refiners.
- Following those measures, Chinese state oil firms paused purchases and five major Indian refiners placed no new orders for December, according to recent reporting.
- Analysts say combining U.S. economic pressure with Ukrainian strikes on refineries and ports is undermining Russia’s energy income, while the Kremlin warned it would respond negatively to any new U.S. law.