New Delhi, Jan. 8 -- With US President Donald Trump "greenlighting" a bill that would impose 500 per cent tariffs on countries for buying Russian oil, GTRI said in a report on Thursday that any such tariff would effectively shut down India's goods and services exports to the United States, now exceeding USD 120 billion annually and that India must take clear position on Russian oil imports.

Global Trade Research Initiative (GTRI) said in its report that India must also decisively convey to US its stance on Russian oil imports.

"On January 7, Senator Lindsey Graham said President Donald Trump had approved a sanctions bill targeting buyers of discounted Russian oil, including China, India and Brazil. The bill proposes US tariffs@500% on G...