Replacing Russian barrels may hike costs as Trump signs Russia sanctions bill

US President Donald Trump on Friday signed the Lindsey O Graham Sanctioning Russia and Iran Act of 2026 into law, giving his administration additional powers to impose sanctions and levy tariffs of up to 100% on goods from countries that continue to buy Russian oil and gas. Though the legislation does not automatically impose tariffs on any specific country, it is significant for India, which has been among the top buyers of Russian crude since the Ukraine war.India made record purchases from Russia after the West Asia conflict broke out, with its share reaching 55% in July. China, Turkiye and Egypt are among the other largest buyers of Russian crude.China criticised the law, saying it has "consistently opposed" unilateral sanctions and so-called secondary sanctions.