US Senate passes Russia Sanctions Bill; could impose upto 100% tariff on China, India for purchase of Russian crude
Washington DC, Aug. 8 -- The US Senate has passed Russia Sanctions Bill that carries the name of late Senator Lindsey Graham that could impose upto a 100% tariff on the top five countries, including China and India, that purchase Russian crude oil and natural gas.
The bill was passed through the Senate on bipartisan vote, 86 to 11. It would next need a vote in the US House of Representative before it can become law. CNN reported that the bill could place mandatory sanctions on top figures in the Russian government, including Russian President Vladimir Putin, and foreign companies supporting Russia's defence industrial base.
The bill allows an exemption for countries that import less than 15% of Russia's total natural gas exports.
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