India, July 15 -- India and China have received temporary relief after US lawmakers revised a proposed sanctions bill targeting countries that continue importing Russian oil and natural gas. The updated proposal reduces the maximum tariff on the largest buyers of Russian energy from 500% to 100%, easing concerns over the potential impact on global trade and energy markets.

The revised bill is part of a broader US effort to increase economic pressure on Russia over the ongoing Ukraine conflict. While the legislation still seeks to discourage purchases of Russian energy, lawmakers softened the tariff provisions to build wider political support and provide the US President with greater flexibility in implementing sanctions.

India has emerg...