A bipartisan group of US senators announced a deal on Tuesday, July 28, on legislation that would expand sanctions against Russia and Iran by giving President Donald Trump broader authority to target countries purchasing Russian energy.
According to Bloomberg, the measure is expected to face a procedural vote in the Senate later Tuesday after Trump signaled his support for the legislation, which had been championed by the late Republican Sen. Lindsey Graham.
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Bill targets Russian energy buyers
The proposed legislation would allow the US president to impose sanctions on the world’s five largest buyers of Russian crude oil and natural gas, as well as the five countries considered most involved in helping Moscow evade Western energy sanctions.
It would also authorize a blanket 500% tariff on Russian goods imported into the United States and an additional 100% tariff on the largest importers of Russian oil and gas or countries facilitating sanctions evasion.
A last-minute revision limits the president’s authority to impose the new tariffs to five years.
Iran sanctions extended
The bill would also extend the Iran Sanctions Act of 1996 through 2031, preserving US authority to impose secondary sanctions on non-American companies conducting business with Iran.
The law, which was due to expire this year, forms a key part of Washington’s sanctions framework against Tehran.
Political and economic implications
While lawmakers backing Ukraine have long pushed for tougher measures against Moscow, the legislation could complicate US trade relations with China and India, two of the largest importers of Russian energy.
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Some Democratic lawmakers have also expressed concern that the bill could provide Trump with broad legal authority to impose new tariffs beyond Russia-related trade.
The Senate is expected to consider the legislation this week. However, the House of Representatives has already left Washington for its August recess, meaning the bill cannot become law before lawmakers return in September.
Trump is scheduled to meet Ukrainian President Volodymyr Zelensky at the White House later Tuesday before Zelensky travels to Capitol Hill for meetings with US senators.
The White House has previously imposed sanctions on Russia’s energy sector but temporarily waived some restrictions on oil sales after the closure of the Strait of Hormuz during the Iran conflict disrupted global oil markets. Those waivers expired last month.
Last year, Trump imposed a 25% tariff on Indian goods over New Delhi’s purchases of Russian energy before lifting the measure as part of a broader US-India trade agreement. China, another major buyer of Russian oil, avoided similar penalties as the administration sought to prevent further trade tensions with Beijing.
President Volodymyr Zelensky warned that Russia, which relies heavily on oil revenues to fund its war effort, should not benefit from any easing of sanctions while continuing strikes on Ukrainian cities.
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