US Toughens Stance After BRICS Summit, India-China Face Fresh Pressure Over Russian Oil

US Toughens Stance on India-China Over Russian Oil After BRICS Summit

The United States has stepped up pressure on countries continuing to purchase Russian oil, with India and China facing the possibility of tougher economic measures in Washington.

The development comes shortly after the BRICS summit in New Delhi, where member states criticised unilateral sanctions and tariff barriers and called for greater use of local currencies and stronger alternatives to Western-dominated financial systems. 

US Moves Toward Tougher Tariff Powers

The US House of Representatives has advanced legislation that could give President Donald Trump broader authority to impose tariffs of up to 100% on countries purchasing Russian oil and gas. India and China are among the major buyers that could potentially be affected.

The proposed measures are aimed at increasing economic pressure on Russia over the Ukraine conflict. The legislation would also allow sanctions targeting entities involved in Russia's energy trade. �

Fortune India

India Continues Russian Oil Purchases

India has continued purchasing Russian crude, citing energy-security considerations. However, Indian imports of Russian oil reportedly fell 25% in August to about €4.1 billion, according to figures cited by the Centre for Research on Energy and Clean Air. 

China remains another major purchaser of Russian energy. The prospect of Washington simultaneously targeting the world's two largest emerging-market economies adds another layer to already complicated US-China and US-India trade relations.

BRICS Summit Adds Geopolitical Dimension

At the New Delhi summit, BRICS leaders criticised unilateral sanctions and protectionist trade measures and discussed reducing dependence on Western financial systems. Prime Minister Narendra Modi also stressed that BRICS should not be viewed as an anti-Western grouping, while advocating a stronger role for the Global South. 

The summit also saw renewed India-China engagement, with Modi and Chinese President Xi Jinping discussing bilateral concerns.