Story perspectives

Trump Signs Act Allowing 100% Tariffs on Russian Oil

By Drooid · Sep 23, 2026, 4:09 AM UTC · How we work

Summary

Story summary

President Donald Trump signed Lindsey O Graham Sanctioning Russia and Iran Act, permitting 100% tariffs on Russian oil purchasers.
JPMorgan Chase CEO Jamie Dimon urged United States not to tariff Russian oil that Indian refineries depend on.
The act passed the Republican-controlled House 262-to-159 before President Trump signed it.
India imports 85% of its crude, with Russian oil accounting for 47% of August imports, falling 16.5% to 2.1 million bpd.

History

Historical Context

During the 1973 Arab oil embargo, OAPEC cut output and lifted the posted price from $3 to nearly $12 per barrel—a rise of about 300%—prompting U.S. gasoline rationing. The crisis showed oil’s power as a geopolitical tool, a dynamic that resurfaced in the 1979 oil shock and continues to shape modern energy sanctions.

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Story summary

President Donald Trump signed Lindsey O Graham Sanctioning Russia and Iran Act, permitting 100% tariffs on Russian oil purchasers.
JPMorgan Chase CEO Jamie Dimon urged United States not to tariff Russian oil that Indian refineries depend on.
The act passed the Republican-controlled House 262-to-159 before President Trump signed it.
India imports 85% of its crude, with Russian oil accounting for 47% of August imports, falling 16.5% to 2.1 million bpd.

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