NATO's Mark Rutte cautioned India, China, and Brazil about the economic impact of continued trade with Russia, urging them to push for peace talks. With Trump's backing, Rutte warned of 100% secondary sanctions on nations buying Russian oil and gas.

“If you are buying energy from Russia and not helping Ukraine, your goods will face a 500% tariff coming into the United States,” Senator Graham said in an interview. He described the legislation as a “breakthrough” in exerting global pressure on Moscow and noted that Trump had encouraged lawmakers to move forward with the bill.

Trump has threatened 100% ‘secondary tariffs’ on likes of India and China, which experts warn could cause a global spike in oil prices

Freight rates for Russian oil shipments from the Baltic Sea ports to India have fallen in July-August as more tankers have become available, but this could change if new sanctions are imposed on Moscow,

The plan is to get domestic companies to provide insurance cover to Indian ships, which now depend on global clubs for securing ships and cargoes, says shipping secretary T.K. Ramachandran.