Trump backs Bill threatening 500% tariffs on countries buying Russian oil

Washington: US President Donald Trump has given his approval to a bipartisan sanctions bill that could impose punitive tariffs of up to 500 per cent on countries purchasing Russian oil or uranium, a move that could significantly impact major trading partners such as India, China and Brazil.

The proposed legislation, known as the Graham-Blumenthal Russia Sanctions Bill, would grant the US President sweeping authority to penalise nations that continue trade with Russia.