Tariffs on Russian oil buyers China, Brazil, and India are planned by U.S. — Lindsey Graham

President Donald Trump plans to impose tariffs on countries purchasing Russian oil, including China, India, and Brazil, Republican Senator Lindsey Graham said.

“These countries buy about 80% of cheap Russian oil, supporting Moscow’s military machine,” Graham said.

“Putin, your turn is coming. Donald Trump is the Scotty Scheffler of American politics and foreign diplomacy, and he is going to kick your ass,” Graham added, referring to the U.S. golfer and Olympic champion.

Russian Oil Prices Drop Sharply

On May 6, Reuters reported that the ruble price of Russian oil fell to a two-year low, dropping below 4,000 rubles ($49.29) per barrel. The average price for Russia’s Urals and ESPO blend declined to $48.92 per barrel on May 2, down more than 40% from the 6,726 rubles initially targeted in the federal budget. This is the lowest price since May 2023.

The decline in energy prices, which make up about a third of Russia’s federal budget revenues, led the government to increase its 2025 budget deficit forecast to 1.7% of gross domestic product, up from an earlier 0.5% estimate.

The Kremlin cut its energy revenue forecast by 24%, anticipating a prolonged period of low oil prices.

Despite the drop in revenues, Russia has increased defense spending by 25% in 2025 to 6.3% of GDP, the highest level since the Cold War.

Analysts say the Russian government may need to raise taxes, reduce some social spending, and increase borrowing to balance future budgets without cutting defense expenditures.

On April 1, The Washington Times reported that a bill proposing new sanctions against Russia was introduced in the U.S. Senate. The legislation calls for a 500% tariff on imports from countries that continue buying Russian oil and raw materials.

On June 3, Bloomberg reported that Russian oil exports by sea fell to about $1.2 billion per week, the lowest level since March 2023.