A bill vowing levies of up to 500% on countries that buy Russian oil is making its way through Congress. Meanwhile, the European Union’s 18th package of sanctions will ban refined products made from Russian crude in January.

U.S. President Donald Trump on Wednesday said he could announce further tariffs on China similar to the 25% duties announced earlier on India over its purchases of Russian oil, depending on what happens.

U.S. Treasury Secretary Scott Bessent acknowledges China's position on oil purchases but suggests an overall trade deal remains likely.