Donald Trump: U.S. President Donald Trump has signed legislation giving Washington the authority to impose tariffs of up to 100% on countries that continue to purchase Russian oil and gas, putting India among the major economies facing potential additional trade pressure.
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Why India is facing the tariff threat?
The Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, signed by Trump on September 18, expands Washington’s ability to target countries buying Russian energy. The legislation allows tariffs of up to 100% on goods from countries covered by its Russian oil and gas provisions, including major buyers such as India and China. However, the law does not automatically impose a 100% tariff on India; the US president would have to decide whether and how to use the authority. The issue is significant for India because Russian crude has become an important part of the country’s energy supply since 2022. India has continued purchasing Russian oil while maintaining that energy security and access to affordable supplies remain important considerations.
Jamie Dimon raises concerns over the impact
JPMorgan Chase chairman and CEO Jamie Dimon has called for Washington to examine how Indian refineries use Russian crude before imposing additional tariffs or sanctions. Speaking to CNBC-TV18 during JPMorgan’s India Investor Conference, Dimon said the US should avoid measures that could end up affecting India and global oil markets while still pursuing its objective of putting pressure on Russia.
India is already diversifying oil supplies
The pressure comes as India’s Russian oil imports have started to decline. Reuters reported that imports from Russia fell 16.5% in August to around 2.1 million barrels per day, while preliminary data indicated a further decline to about 1.9 million barrels per day in September. India has increased purchases from other suppliers, including Iraq and the UAE. Indian refiners are also looking towards the spot market for supplies for October and November amid uncertainty over possible US measures.
