U.S. President Donald Trump signed an executive order imposing an additional 25% tariff on imports from India for purchasing oil from Russia and threatened similar sanctions on other buyers of Russian oil and petroleum products.
Explaining the necessity of this measure, Trump previously stated that «India not only buys a huge amount of Russian oil, but also sells most of it on the open market for a large profit».
The document states that «the actions and policies of the Government of the Russian Federation continue to pose an extraordinary threat to the national security and foreign policy of the United States». Therefore, «to address the emergency», it is necessary and appropriate to impose an additional ad valorem (percentage of the customs value of the goods) tariff on imports from India, which directly or indirectly imports oil from Russia.
The decision on tariffs is set to take effect in 21 days. If by that time Russia stops its aggression against Ukraine, the decree may be amended or revoked.
Goods from a special list, including natural gas, petroleum products, certain types of wood, medications, and so on, will not be subject to tariffs.