Industry Odisha Bureau, Jul 29: Following the passage of ‘Russia Sanctions Bill’ by the US Senate reportedly yesterday, the imposition of 100% tariffs is being reportedly claimed to put India, China, Slovakia, Hungary and Azerbaijan at stake.
International media reports stated that, “The ‘Russia Sanctions Bill’ passed on July 28, 2026 by the US Senate aims to increase economic pressure on Moscow over its invasion of Ukraine, while the levying of 100% tariffs could cost dear to India, China, Slovakia, Hungary and Azerbaijan for imporing crude oil from Russia.”
Notably, “India is the second-largest buyer of Russian crude oil after China.”
Media reports quoting experts stated that, “The ‘Russia Sanctions Bill’ has been passed by the US Senate at a crucial juncture of India as the country has been relying more on Russian crude oil due to the West Asia crisis that has adversely disrupted the supply chain via shipments through the globally critical chokepoint of Iran-controlled Strait of Hormuz. Prior to the tug of war between the USA and Iran, India used to have around 40% of its oil imported from the Gulf region.”
Pertinent to note here citing international media reports that, “Donald Trump-led US regime had penalised India with an additional 25% tariff against India’s crude oil trade with Russia in August 2025 dubbing it as ‘India fuelling Putin’s Ukraine war’. However, the Trump regime announced a temporary waiver on the Russian oil sanctions allowing India to resume its purchase of Russian crude oil during the beginning of West Asia conflict that witnessed major disruptions in supply chain due to the Hormuz hurdle. Thus, India’s imports of Russian crude oil rose 34% in June 2026 to record levels valued at €4.5 billion amid the US waiver.”
