(MENAFN- Live Mint) US President Donald Trump hinted at supporting the proposed Senate legislation to sanction countries conducting business with Russia, as he said that such a measure would be“okay with me,” amid a long-running push to cut Moscow's access to funding.

“The Republicans are putting in legislation that is very tough, sanctioning, etcetera, on any country doing business with Russia,” Trump told reporters while he was leaving Florida on Sunday to return to the White House.

The President's remarks come after Senate Majority Leader John Thune said in October that he was ready to bring legislation that sanctions Russia to a vote; however, he did not commit to any specific deadline at that time, Bloomberg reported.

What does the bill aim to do?

The proposed bill would allow the Trump administration to impose tariffs of up to 500% on imports from countries that purchase Russian energy products and are not actively supporting Ukraine.

This proposal also specifically targets major buyers of Russian energy. China and India are also included on that list. Trump also said on Sunday that he is considering adding Iran to the list, as he stated,“We may add Iran to that,” without providing any further details.

Trump already imposed a 50% tariff on imports from India in August, including a 25% penalty for buying Russian goods.

Also Read | Japan's economy contracts as exports get hit by US tariffs

Earlier in October, US Treasury Secretary Bessent announced that 85 US senators are willing to grant President Trump the authority to impose tariffs of up to 500% on China for its purchases of Russian oil, a Mint report said.

Later in November, the United States made a significant move to stabilise trade relations with Beijing by slashing fentanyl-related tariffs on imports from China and maintaining the freeze on some reciprocal levies on Chinese goods.

Trump's efforts in peace talks with Putin

Democrats and some Republicans in Congress have been pushing for legislation to punish Russia for its continued attack on Ukraine. However, Trump was hesitant to make a move as he tried to hold peace talks between Russian President Vladimir Putin and his Ukrainian counterpart Volodymyr Zelenskiy.

Also Read | Sanctioned Russian oil will find new ways to flow

Trump had also imposed new sanctions against two of Russia's largest oil companies - Rosneft and Lukoil - in a bid to pressure Moscow into ending its war on Ukraine; however, Putin is still not showing any sign of letting up in his military campaign.

While Ukraine is increasingly attacking Russian oil targets, Moscow has also intensified its air strikes on Ukraine, along with pushing to capture the rail hub of Pokrovsk, Bloomberg reported.

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