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Today’s Brief

The Fed raises rates again

Warsh tightens money as Gaza deaths expose shelter risks and Europe courts Canada

The last half-day brought a harder economic tone and a grim reminder of what prolonged wars do to civilians. The Federal Reserve raised rates for the first time since 2023, while rescue crews in Gaza searched a collapsed apartment block with little more than hand tools.

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  • UN panel accuses US of war crimes in Iran

    Finds reasonable grounds that US military strikes on a school in Minab and a sports facility in Lamerd in February constitute war crimes, according to a new UN report.

  • Fiji declares national HIV emergency

    Declares national emergency as HIV infections rise 27% in 2025, with one in 60 adults estimated to be infected in the Pacific nation.

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World · Updated 12m ago

The US under Trump: second term

Findings reiterate already-chronicled Trump tariff threats against the EU and the House Russia sanctions bill; no new discrete occurrence this cycle.

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© BFMTV
Energy & Trade·24m ago

US House passes 100% tariff bill on Russian oil buyers as India defends imports

The US House of Representatives approved legislation enabling 100% tariffs on buyers of Russian oil, prompting New Delhi to warn that penalties would harm bilateral ties and global energy security.

House clears secondary sanctions bill

The US House of Representatives passed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 on Wednesday by a vote of 262 to 150. House Democrats broke with party leadership to join all but seven Republicans in approving the legislation. The bill grants President Donald Trump the authority to impose tariffs of up to 100% on countries importing Russian oil and gas, with primary focus on China and India. It also expands sanctions on Iran, targets Russian defense sectors and senior officials including Vladimir Putin, and penalizes Moscow's shadow fleet of tankers. An exemption applies to countries importing less than 15% of Russian natural gas exports. The measure now moves to Donald Trump for his signature into law.

US House vote on Russia and Iran sanctions bill · votes
In favor
262
Against
150
In favor
262 votes
Against
150 votes

Tariff timelines and congressional warnings

Under the statutory provisions, targeted countries normally receive 180 days to negotiate terms or reduce Russian energy imports before penalties take effect. The legislation allows the president to shorten that timeline at his discretion. The sanction provisions also explicitly target older vessels in Russia's maritime logistics network that bypass Western price caps. Following the floor vote, Democratic Senator Richard Blumenthal issued a direct warning to purchasers in Asia.

China and India, you better buy your oil and gas somewhere else.

— Richard Blumenthal

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India defends energy security and sovereign trade

The Indian Ministry of External Affairs responded on Thursday, stating that New Delhi raised objections directly with US officials in prior months. Indian officials stressed that punitive tariffs would harm bilateral relations between Washington and New Delhi while destabilizing global energy markets. The ministry affirmed that India will continue procuring energy from diversified sources based on market dynamics to supply its population.

India remains firmly committed to ensuring energy security for its 1.4 billion people. It will continue to do so through diversified sourcing and on the basis of evolving market dynamics.

— Ministry of External Affairs

The ministry stated that the Indian government will collaborate with domestic trade and industry bodies to address the economic fallout of the legislation.

Russia's dominance in Indian crude supplies

Data compiled by the Centre for Research on Energy and Clean Air shows China and India together accounted for 87% of Russian crude exports between December 2022 and August 2026. Figures from the Global Trade Research Initiative indicate that Russia supplied 30.3% of India's crude imports in fiscal 2026, totaling $40.8 billion out of a $134.7 billion overall crude import bill. In July, Russian crude constituted over 50% of India's total imports, exceeding the combined shipments of the United Arab Emirates, Saudi Arabia, Venezuela, Brazil, Oman, and the United States. Indian refiners had previously reached 2.25 million barrels per day of Russian crude imports in March.

Share of Russian crude exports by destination (Dec 2022–Aug 2026) · %
China
50
India
37
Turkey
5
European Union
5
China
50 %
India
37 %
Turkey
5 %
European Union
5 %

Ajay Srivastava, a former Indian trade official who leads the Global Trade Research Initiative, evaluated the diplomatic and economic friction.

The bill is a blunt and dangerous attempt to pressurise India to sign the bilateral trade agreement on one-sided terms. India buys Russian oil to secure affordable energy for 1.4 billion people, not to finance war, and these purchases have helped stabilise global supplies and prices.

— Ajay Srivastava
Washington · New Delhi · Moscow
Donald TrumpRichard BlumenthalLindsey GrahamVladimir PutinNarendra ModiAjay Srivastava
Donald TrumpUnited StatesWashington, D.C.Vladimir PutinMoscowNew DelhiIndia

8 sources

  • India vows to protect energy security, warns U.S. tariffs could hit ties
    Reuters·6h ago
  • US prepares 100% tariffs for countries importing Russian oil
    The Independent·1h ago
  • Malgré les dernières sanctions américaines contre la "flotte fantôme" russe, l'Inde affirme qu'elle continuera d'acheter son pétrole auprès de fournisseurs "diversifiés"
    BFMTV·2h ago
  • India to ensure 'energy security' amid Trump tariffs threat
    Deutsche Welle·3h ago
  • India warns new US tariffs over Russian oil could impact ties
    Al Jazeera Online·3h ago
  • India's Purchase of US Treasuries Hits Record on Capital Inflows
    Bloomberg Business·5h ago
  • India Warns US Oil Sanctions Bill Could Hurt Bilateral Ties
    Bloomberg Business·5h ago
  • India faces 100% tariff threat over Russian oil after US House vote
    BBC·6h ago

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