A significant new plan is under discussion in the United States that would impose a 500% tariff on any country that continues to buy Russian fossil fuels and other key commodities. This proposal is not directly from Donald Trump himself, but rather from a bipartisan group of U.S. Senators, notably Lindsey Graham (Republican) and Richard Blumenthal (Democrat), who have introduced the "Sanctioning Russia Act" in the Senate.
The legislation proposes a tariff of "not less than 500%" on all goods and services imported into the United States from any country that "knowingly sells, supplies, transfers, or purchases oil, uranium, natural gas, petroleum products, or petrochemical products that originated in the Russian Federation".
The bill allows for the tariff to be increased by at least 500% every 90 days, meaning countries could face tariffs as high as 1,000% or more within a few months if they do not cease purchasing Russian energy.
The tariffs would remain in place until Russia agrees to a peace deal with Ukraine
This is probably one of the best plans so far to force Putin to an end to the war in Ukraine. Most European countries are still buying Russian oil and gas and so would be penalised by this plan. The sensible thing for these countries would be to stop buying Russian energy immediately as they should have done already. But the biggest culprits are China and India who have been buying most of the Russian petroleum since the beginning of the war in Ukraine.
The legislation proposes a tariff of "not less than 500%" on all goods and services imported into the United States from any country that "knowingly sells, supplies, transfers, or purchases oil, uranium, natural gas, petroleum products, or petrochemical products that originated in the Russian Federation".
The bill allows for the tariff to be increased by at least 500% every 90 days, meaning countries could face tariffs as high as 1,000% or more within a few months if they do not cease purchasing Russian energy.
The tariffs would remain in place until Russia agrees to a peace deal with Ukraine
This is probably one of the best plans so far to force Putin to an end to the war in Ukraine. Most European countries are still buying Russian oil and gas and so would be penalised by this plan. The sensible thing for these countries would be to stop buying Russian energy immediately as they should have done already. But the biggest culprits are China and India who have been buying most of the Russian petroleum since the beginning of the war in Ukraine.
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