. U.S. President Donald Trump on Friday signed a new sanctions bill aimed at increasing economic pressure on Russia over the ongoing war in Ukraine.
The law, which has been passed by both houses of Congress, targets Russia’s energy and defense sector, Russian officials and the ‘shadow fleet’ ships used to evade Moscow’s sanctions. It also gives the president the power to impose tariffs of up to 100 percent on major foreign buyers of Russian oil and gas.TAG_OPEN_div_28
The law provides for the imposition of additional duties on goods imported from certain foreign countries that continue to buy Russian oil and gas. Major energy buyers of Russia, such as India and China, may be covered by this provision. However, the customs duty of one hundred percent will not be automatically applicable immediately, but the administration can take such action only after certain legal conditions are met.
The Republican-led House of Representatives passed the bill by a vote of 262-159 on Wednesday. The Senate had previously approved the bill by an 86-11 vote.
TAG_OPEN_div_23 The law also prohibits foreign companies and other parties that support the Russian military. It also includes a provision to continue the existing sanctions on Iran for an additional five years.
TAG_OPEN_div_21 Ukrainian President Volodymyr Zelenskyy had earlier welcomed the bill and thanked U.S. lawmakers. He said that more severe economic pressure on Russia would help diplomatic efforts to end the war.
India has said it will continue to buy oil from various sources to meet its energy needs. New Delhi’s attention has been drawn to the issue as the new US law could also affect India’s energy trade with Russia.TAG_OPEN_div_19
Trump has long shown interest in expanding the president’s authority over congressional sanctions and tariffs. The new law gives more legal grounding to U.S. efforts to increase pressure on Russia’s energy revenues and the financial resources needed for the war.
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