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US President Donald Trump (Img: File Photo/ Pinterest)
Washington: United State President Donald Trump has signed a new bill on sanctions against Russia into law, thus granting more leverage to his administration in taking retaliatory measures against nations which maintain business relations with Russia.
The law gives the authority to the US President to impose duties as high as 100 percent on those nations which import energy products from Russia.
India and China, two of the world’s largest importers of Russian crude oil, could face possible tariff measures under the new law. However, the signing of the legislation does not mean immediate tariffs have been imposed on either country.
The final decision on implementing any trade restrictions will depend on the US administration’s future action and policy considerations.
India has repeatedly maintained that its purchase of Russian crude is based on energy security needs and market conditions. The country has defended its position, stating that stable energy supplies are important for its growing economy.
The latest US move has raised concerns among businesses and energy markets over possible disruptions in global trade flows. Analysts are closely watching whether Washington uses the new authority to introduce additional economic measures.
The law marks another step in the US strategy to increase pressure on Russia by targeting its energy revenues and international trade connections.
As the administration reviews its options, countries involved in Russian energy trade are expected to closely monitor any announcement from Washington regarding tariffs or additional sanctions.
