'500% tariffs...': US senator targets Russia's oil trade partners; India also in crosshairs

Standing on Ukrainian soil, US Senator Richard Blumenthal called for a bold economic offensive against Russia — a 500% tariff on any nation that continues buying Russian oil, gasoline, or petrochemicals. The proposal, revealed during a press conference in Kyiv, aims to choke the Kremlin's war chest and ratchet up pressure on global buyers like China and India.

It marks a sharp escalation in Washington’s legislative efforts to curb Moscow’s aggression, coming on the heels of a bipartisan sanctions bill introduced in April with Senator Lindsey Graham.

The bill spearheaded by Senator Richard Blumenthal would impose 500% tariffs on all countries purchasing Russian oil, gasoline, or petrochemicals. “That means 500% tariffs on India and on China — which buys 70% of these goods — and on anyone else who continues these purchases,” Blumenthal said.

These penalties would come into force if Russia refuses to enter good-faith peace talks with Ukraine or acts again to compromise Ukraine’s sovereignty post any agreement. The sweeping sanctions would also extend to imports from countries that continue buying Russian gas, uranium, and other critical commodities.

The Senate could begin considering the bill as early as next week.

Meanwhile, President Donald Trump stated the US is “very close to making a deal with India.” He also confirmed that representatives from Pakistan are scheduled to visit Washington next week. “Pakistan representatives are coming in next week. We're very close to making a deal with India,” Trump said at Joint Base Andrews.

Still, he cautioned that tensions between India and Pakistan could upend any potential agreement. “And I wouldn't have any interest in making a deal with either if they were going to be at war with each other,” he warned.

The US has recently expanded its tariff regime globally — a move that could impact Pakistani exports due to its $3 billion trade surplus with the US tariffs on Pakistani goods could go as high as 29%.

India, too, is under pressure. A looming 26% tariff on its exports has added urgency to its trade diplomacy. Indian Union Minister Piyush Goyal was in Washington recently to push forward talks, with hopes of sealing an interim trade deal by early July.

In parallel, India’s foreign secretary Vikram Misri visited the US from May 27 to 29. The Indian Embassy described his meeting with US Deputy Secretary of State Christopher Landau as a “great first meeting” covering a wide range of mutual priorities.