Story perspectives

House passes 100% tariff power on Russian oil buyers

By Drooid · Sep 17, 2026, 12:01 PM UTC · How we work

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Rising Insurance Costs

The U.S. House passed Sanctioning Russia Act, allowing President Donald Trump to levy tariffs to 100% on nations buying Russian oil and gas.
Analysts warned replacing Russian oil would raise India’s insurance costs, hurting the rupee and refinery margins.
India’s foreign ministry said the tariff authority threatens relations and energy security.
Russian crude comprised 50% of India’s oil imports in August.
The bill will affect $104 billion of imports from India.

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Tariff Power Expansion

The U.S. House of Representatives passed a bill authorizing President Donald Trump to impose tariffs up to 100% on countries buying Russian oil and gas.
Critics warn the measure threatens India’s energy security, raises U.S. consumer prices, and expands presidential tariff power.
The Senate approved the bill 86-11 in August.
It is titled the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026.

History

Historical Context

In October 1973 OAPEC embargoed oil to the United States, raising crude from $3 to about $12 per barrel—a rise of nearly 300 %. The shock led Nixon’s administration to impose gasoline rationing after U.S. production peaked in 1970, increasing reliance on Middle-Eastern supplies. The House’s 100 % tariff on Russian oil revives that 1973 trade pressure to curb energy dependence, risking comparable market disruption.

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Rising Insurance Costs

The U.S. House passed Sanctioning Russia Act, allowing President Donald Trump to levy tariffs to 100% on nations buying Russian oil and gas.
Analysts warned replacing Russian oil would raise India’s insurance costs, hurting the rupee and refinery margins.
India’s foreign ministry said the tariff authority threatens relations and energy security.
Russian crude comprised 50% of India’s oil imports in August.
The bill will affect $104 billion of imports from India.

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