US Treasury Secretary: No Need for Senate Approval for Trump's 500% Tariff Threat on Russian Oil Buyers

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United States Treasury Secretary Scott Bessent stated that President Donald Trump doesn't require Senate approval to impose 500% tariffs on countries purchasing Russian oil. However, the threat is primarily aimed at China, unlike India in this instance. The Treasury Secretary claimed that New Delhi has ceased buying Russian oil after the Trump administration imposed a 25% tariff in the past. The Russia Sanctions Bill allows the US to impose a minimum 500% tariff on countries purchasing Russian oil. President Trump has previously greenlit the bill. Bessent noted that while a proposal for the 500% tariff is before the Senate, Senator Graham's intention is to provide President Trump with additional authority, which the Treasury Secretary believes is unnecessary. Bessent criticized Europe for purchasing Russian oil, stating that they are essentially financing their own war. He also mentioned that India initially purchased Russian oil after the conflict began but has since decreased its imports following the 25% tariff imposed by President Trump. The US has been planning to impose up to 500% tariffs on China for purchasing Russian oil. Meanwhile, the Ministry of External Affairs in India stated that they are aware of the proposed bill and are closely monitoring the situation. India's approach to energy sources emphasizes securing affordable prices for its 1.4 billion people. The country remains focused on its energy needs while considering the global market conditions.