Amid the ongoing storm of sanctions against Russia, the country continues to sustain its war effort in Ukraine by heavily utilizing its energy resources. However, many experts and policymakers are hopeful for a change in this situation. According to a senior US official, if Russia does not agree to a ceasefire with Ukraine by next Friday, the United States plans to impose new secondary sanctions that could pose a significant risk to global markets.
The report states that under this new measure, countries that continue trading with Russia could face the imposition of secondary tariffs, including a potential 100 percent duty on imports of Russian goods. Oil and gas, Russia’s primary exports, are expected to be most affected. This would be the first time the US employs such secondary sanctions in this manner.
Analysts warn that if these tariffs are implemented, Russia’s supply of oil and gas to global markets could decrease significantly. Such a supply crunch is likely to cause a sharp rise in prices worldwide. Additionally, there is concern that the cost of Apple’s iPhones, many of which are assembled in India, could increase further.
This development signals a critical shift in global economic policy, with potential repercussions across energy markets and consumer electronics, especially in countries heavily reliant on Russian energy exports and imported tech products.
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