U.S. enacts Graham Act threatening 100% tariffs on Russian oil importers

U.S. President Donald Trump signed the Lindsey O. Graham Sanctioning Russia and Iran Act, 2026, which permits tariffs of up to 100% on imports from countries continuing to buy Russian oil.

India and China rank as the top two importers of Russian crude, with Russia accounting for over 51% of India's oil imports in July 2026.

The new levies would apply in addition to existing Section 301 and Section 232 duties, potentially impacting India's export competitiveness after a 30-day enactment review period.