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United States President Donald Trump has signed the Lindsay O. Graham Sanctioning Russia and Iran Act of 2026, a legislative measure that authorizes tariffs of up to 100 percent on countries that purchase crude oil and natural gas from Russia. The bill is intended to restrict Russia’s financial resources in response to the ongoing conflict in Ukraine and to pressure nations that facilitate the circumvention of existing sanctions.
According to data from the Global Trade Initiative, India imported $40.8 billion worth of crude oil from Russia during the 2026 fiscal year, accounting for approximately 30.3 percent of the nation’s total crude imports. Analysts suggest that this volume makes India a primary target for the new tariff policy. The legislation includes specific exemptions for Russian uranium imports, which remain critical to the United States nuclear energy industry.
Trade relations between the United States and India have faced significant volatility in recent years. Following the implementation of the “America First” policy during President Trump’s second term, the U.S. introduced additional tariffs in April 2025. By August 2025, further duties were applied to Indian goods in response to India’s continued energy imports from Russia. Currently, Indian products face a 10 percent Section 301 tariff, along with 50 percent duties on steel and aluminum and 25 percent on automotive components.
In response to the new legislation, the Indian government has maintained that it remains committed to its national energy security. Officials stated that India will continue to procure oil from diverse international sources to meet its domestic requirements. Economic experts have suggested that India should prioritize its energy independence while exploring alternative export markets and leveraging partnerships within the BRICS bloc to mitigate the impact of these trade measures.
Article source: www.sirajlive.com | Image credit: www.sirajlive.com
