US senators introduced a revised Russia sanctions bill that eases the proposed tariff provisions targeting China, India and other major importers of Russian oil and gas, while retaining tough measures aimed at increasing pressure on Moscow, Reuters reported.
Originally pushed by the late Senator Lindsey Graham, the bipartisan legislation seeks to impose sanctions on Russian officials and use tariffs to encourage countries heavily reliant on Russian energy to reduce their dependence.
The revised proposal lowers the maximum tariff on the five largest buyers of Russian oil and natural gas to 100 per cent, a significant reduction from the blanket 500 per cent tariff envisaged in the original bill.
It also creates an exemption for countries that import less than 15 per cent of Russia’s natural gas exports and are taking substantial steps to reduce those imports. The provision could benefit Japan, France, Hungary and Belgium.