Will India not face a 500 percent tariff? US Treasury Secretary’s big announcement regarding Russian oil purchases

Washington. US Treasury Secretary Scott Basant hinted on Tuesday that India will not face a 500 percent tariff for purchasing Russian oil. Scott Basant claimed on Tuesday that India has stopped buying Russian oil after President Donald Trump imposed a 25 percent tariff. He said Washington is considering imposing much larger penalties on other buyers like China.

In an interview with Fox News, Scott Basant said, “India started buying Russian oil after the conflict began. However, after President Donald Trump imposed a 25 percent tariff, India reduced and then stopped its purchases of Russian oil.”

Bill for 500 percent tariff on countries buying Russian oil
Scott Basant was speaking about the proposed Russia sanctions bill, which would allow the US to impose a tariff of at least 500 percent on countries that continue to buy Russian oil. This bill, drafted by Lindsey Graham, has received political approval from Trump, although it is still before the Senate.

Will India face a 500 percent tariff?
Basant said, “The proposal to impose a 500 percent tariff on buyers of Russian oil has been put before the Senate by Senator Graham. We believe that President Trump does not need this authority. He can do it under the IEEPA, but the Senate wants to give him this authority.” Meanwhile, Lindsey Graham, who drafted the bill, says that this law will give Trump the power to put immense pressure on countries like China, India, and Brazil. Last October, Basant claimed that 85 US senators were ready to give Trump the authority to impose tariffs of up to 500 percent on China for buying oil from Russia. Is China helping Russia in the Ukraine war through oil purchases?
The US Treasury Secretary criticized European countries, saying, “Even after four years, Europe is still buying oil from Russia. They are financing the war against themselves.”
The US is primarily targeting China, as China is among Russia’s largest energy consumers despite US sanctions.
US officials have consistently argued that China’s purchases of Russian oil at discounted rates are helping to finance Moscow’s war efforts in Ukraine.