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The Economic Times

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US Russia sanctions bill cuts India, China tariff threat from 500% to 100%

US Senate unveiled a revised Russia sanctions bill with softened oil tariff penalties. Major buyers like India and China will face up to 100% tariffs instead of 500%. The bipartisan legislation targets Russian officials and financial institutions while discouraging oil purchases. It includes exemptions for countries reducing their natural gas imports from Russia. This revised measure aims to increase pressure on Moscow and honor Senator Lindsey Graham's legacy.

15 Jul 2026 8:35 am