Trump signed a law imposing sanctions on Russia. It will affect major oil importers.
Trump signed a law allowing sanctions to be imposed on the largest buyers of Russian oil / Photo: White House
On September 18, U.S. President Donald Trump signed a law tightening sanctions against Russia. It will allow for the imposition of tariffs of up to 100% on countries that are among the top five buyers of Russian energy resources. This could primarily affect China and India, according to CNBC. Notably, the bill was signed a week before Trump’s highly anticipated meeting with Chinese leader Xi Jinping, which will be the focus of market attention.
Countries through which existing sanctions are circumvented using Russia’s “shadow fleet” may also be subject to restrictions. In addition, the law provides for sanctions against Russian officials and financial institutions. As the authors of the bill stated, its goal is to cut off revenue that Russia could use to continue the conflict against Ukraine.
Trump must implement the new measures within 30 days of signing the order. He will have complete discretion in granting exemptions from the sanctions regime, as well as the authority to lift the restrictions once a peace agreement is reached between Russia and Ukraine.
The law also extends sanctions against companies and other entities that invest in or contribute to the development of Iran's oil and gas sector for another five years.
This article was AI-translated and verified by a human editor
