President Trump has approved the Sanctioning Russia Act of 2025, which would impose a 500% tariff on imported goods from countries that purchase Russian oil, natural gas, petroleum products, or uranium.
Claim 70% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
“This bill would give President Trump tremendous leverage against countries like China, India and Brazil to incentivize them to stop buying the cheap Russian oil that provides the financing for Putin’s bloodbath against Ukraine,” said Senator Lindsey Graham.
U.S. Eyes Sanctions on Russia’s Energy Partners
The bipartisan sanctions bill is an attempt to cut off sources of funding for Russia’s attacks against Ukraine and serves as a major warning to countries that continue to trade with Russia. The bill has yet to pass into law and still requires additional Congressional approval, which could take place as early as next week.
Turkey, China, Brazil, India, and Singapore are the largest buyers of Russian oil, according to the Centre for Research on Energy and Clean Air.
Stay ahead of macro events with our up-to-the-minute Economic Calendar — filter by impact, country, and more.