Trump's new tariff threat risks cutting off Asia’s Russian oil lifeline as Gulf supply falls
The threat of US tariffs on major buyers of Russian oil could squeeze an increasingly important source of crude for India and China as Gulf supply disruption tightens the global market. The US House of Representatives has granted President Donald Trump authority to impose tariffs on any of the five largest buyers of Russian crude or gas that “knowingly” book a new cargo, with rates of up to 100…
The US House of Representatives has granted President Donald Trump the authority to impose tariffs on major buyers of Russian oil, including India and China, as Gulf supply disruption tightens the global market. The legislation, the Lindsey Graham Sanctioning Russia and Iran Act, passed with a narrow margin and could take effect 30 days after enactment.
If implemented, the tariffs could significantly impact India's oil imports, which have already seen a substantial increase from Russia this year. China, while already reducing its Russian crude imports, remains heavily reliant on Middle Eastern sources. The broader oil market is already tight, with Brent prices hovering above $100 and reduced traffic through the Strait of Hormuz.
Both India and China are likely to seek ways to mitigate the impact of the tariffs, potentially leading to increased volatility in the global oil market.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
