3 Things The Catch Up: US seeks to impose 500% tariffs on countries buying Russian oil (8 Jan)
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Jan 8, 2026 In a striking turn of events, the US is proposing a staggering 500% tariff on countries importing Russian oil, targeting nations like India, China, and Brazil. Meanwhile, the Enforcement Directorate is conducting raids in Kolkata related to a money-laundering probe involving IPAC. Tensions in Tamil Nadu escalate as BJP demands a greater share of power in talks with AIA-DMK. Also, Bangladesh tightens visa services for Indian nationals amidst strained relations. Lastly, the US is withdrawing from 66 global organizations, citing concerns over sovereignty.
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US Targets Buyers Of Russian Oil
- A proposed US law would impose 500% tariffs on countries buying Russian oil to deter purchases that finance Putin's war.
- Senator Lindsey Graham said President Trump has greenlit the bipartisan bill which could force countries like India to stop buying cheap Russian oil.
Mamata Banerjee Visits During Raid
- West Bengal Chief Minister Mamata Banerjee visited Pratik Jain's residence during the raid and condemned the action.
- She accused the agency of targeting her party's IT wing as the searches proceeded.
ED Raids Linked To IPAC Probe
- The Enforcement Directorate raided multiple Kolkata and Vidhanagar locations in a money laundering probe linked to IPAC.
- Raids included IPAC's office, its leader Pratik Jain's residence and a trader's office in Burrabazar.