Republicans drafting bill to sanction countries that trade with Russia, says Trump

“They may add Iran to that, I suggested it,” said Trump, adding if any country does business with Russia, it will face “severe sanctions”.

This comes in the backdrop of President Trump announcing “tremendous” sanctions against two Russian oil companies, namely Lukoil and Kremlin-owned Rosneft over Moscow’s refusal to negotiate an end to its war in Ukraine. The measure is set to come into effect on November 21.

The Trump administration has also imposed sanctions on India for purchasing Russian oil by levying an additional 25% tariff on Indian goods, making a cumulative total to 50% tariff being imposed on Indian imports in the United States.

US’Treasury Department, on October 22 while announcing sanctions on Russian oil companies, had said they were “a result of Russia’s lack of serious commitment to a peace process to end the war in Ukraine.”

Even after the sanctions, Russian President Vladimir Putin has remained defiant and said that the imposition of sanctions is an unfriendly act and it would not significantly affect the Russian economy. Putin cautioned that a sharp supply plunge would inflate the prices of oil and would be uncomfortable for the Trump-led US administration.

“This is, of course, an attempt to put pressure on Russia. But no self-respecting country and no self-respecting people ever decides anything under pressure,” Putin had said last month, Reuters reported.

(with inputs from Reuters)