India may face fresh regulatory heat as a sanctions bill to curtail purchase of Russian oil gains momentum in the United States. Four senators said on Friday that they had reached agreement with the Trump administration to move forward with updated legislation — assuring that it would be unveiled “very soon”. Washington has waived several restrictions amid the Iran war and allowed purchases of Russian seaborne oil to aid “energy-vulnerable” countries last month.

“As Russia intensifies its slaughter of civilians, it is imperative that the legislative ​and executive branches work together to create tools to exact a heavy price on those ⁠who buy Russian oil and natural gas, fueling the Putin war machine,” read a joint statement.

The original bill was unveiled about a year ago and has languished in the Senate as the sponsors worked to win full backing from the White House. It called for a 500% tariff on goods imported from countries that continue to buy Russian oil, gas, uranium and other exports — targeting nations such as China and India. The four senators announcing the progress on their effort were Republicans Lindsey Graham and Roger Wicker, and Democrats Richard Blumenthal and Jeanne Shaheen.

Does it affect India?

A fresh change in policy could affect India as it negotiates the “final one percent” of a bilateral trade agreement with the United States. President Donald Trump had imposed a hefty 25% tariff on the country last year for its continued purchase of Russian oil. According to US officials, this was removed in February after India agreed to halt all purchases of Russian oil and buy “over $500 billion of US energy, information and communication technology, coal, and other products”. The agreement was tied to the 18% reciprocal tariff announced in the India-US interim trade agreement.

Matters have changed significantly in the subsequent months — with the US Supreme Court deeming the sweeping “reciprocal tariffs” imposed by Trump illegal. The US-Israeli war against Iran has also disrupted global energy supplies and triggered severe shortages in some countries. The Trump administration had briefly waived sanctions to allow restricted purchase of Iranian and Russian oil as the conflict escalated.

Nations such as China and India account for roughly 70% of Russia’s energy trade — with US officials repeatedly accusing New Delhi of ‘bankrolling much of its war effort’. If the bill passes on its original terms, the US would be looking to impose a 500% tariff on goods imported from countries that continue to buy Russian oil and gas.

‘Exact heavy price on those buying Russian oil’

“We are proud ‌to announce that we have reached an agreement with the Trump Administration to move our updated Russia sanctions legislation forward. We are very pleased with this significant progress and expect to roll out the legislation very soon…As Russia intensifies its slaughter of civilians, it is imperative that the legislative ​and executive branches work together to create tools to exact a heavy price on those ⁠who buy Russian oil and natural gas, fueling the Putin war machine,” read a joint statement.

The announcement came hours after Senator Lindsey Graham met with Ukrainian President Volodymyr Zelenskiy in Kyiv. The Republican leader — one of the four signatories — has been working on the legislation for months alongside fellow party leaders and Democrats. It would impose sanctions on countries doing business with Russia, including buyers of its ‌energy exports.

“We’ve reached an agreement with the White House on a version of the Russian sanctions bill that they will support. It means it’s ​going to become law,” he told reporters in Kyiv.