Overview
- At the World Economic Forum, Treasury Secretary Scott Bessent said President Trump can use emergency trade powers under IEEPA to levy tariffs of up to 500% on buyers of Russian crude without new Senate authority.
- Bessent claimed India "geared down and has stopped" purchasing Russian oil after a 25% tariff, while India has said it is monitoring the proposed legislation and bases energy choices on market conditions and security needs.
- Independent tracking by CREA reported India dropped to third among buyers of Russian fossil fuels in December after sharp cuts by Reliance and state refiners, though reporting does not conclusively show a complete halt in imports.
- The proposed Russia Sanctions Bill, sponsored by Senator Lindsey Graham and backed politically by Trump, would formally allow tariffs of up to 500% on countries that continue to buy or resell Russian oil.
- Bessent criticized Europe and China for ongoing purchases of Russian energy, and coverage notes earlier U.S. tariff actions on India—including a reported 25% levy tied to Russian oil—that New Delhi called unfair and unjustified.