Now this draft legislation is being passed to the House of Representatives, but due to the Congressional summer recess, the vote there will not take place before early September.
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This sanctions package proposes to impose sanctions on Russian officials, oligarchs, financial institutions, and the so-called shadow fleet used to circumvent restrictions on Moscow’s oil exports.
Additionally, it would allow President Donald Trump to impose tariffs of up to 500% on imports from Russia, including gas and oil.
Most importantly, this sanctions package would allow D. Trump to impose tariffs of up to 100% on goods imported from major Russian oil and gas buyers, including countries such as China and India.
Supporters of the sanctions package argue that cutting off revenue from energy flows is necessary to reduce Russian President Vladimir Putin’s ability to finance the war in Ukraine, which has been ongoing for five years.
If this bill is finally adopted, those subject to sanctions would include V. Putin himself, as well as other high-ranking officials.
The draft legislation was named after the late Republican Senator Lindsey Graham. This senator, who unexpectedly died on July 11, had been rallying support for this sanctions package for more than a year.
Shortly before his death, L. Graham announced that he had reached an agreement with the White House on a revised version of the legislation, including expanding the authority of existing sanctions to restrict financing of Iran’s energy and weapons sectors.
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According to the late senator’s sister Darline Graham, who replaced him in Congress, the final adoption of the bill will not only honor her brother, “but also promote peace by cutting off the funding that supports Russia’s war machine.”
Democratic Senator Jeanne Shaheen, a member of the Senate Foreign Relations Committee, said this bill “will hit Russia’s energy and financial sectors very hard.”
“Vladimir Putin understands only strength and responds only to pressure,” noted J. Shaheen. “This legislation is our best chance to finally bring Russia’s war machine to its knees and force Putin to sit at the negotiating table.”
The Russian Embassy in the United States condemned this bill, claiming it “does a disservice to the current US administration.”
Moscow is also facing increasing pressure from Europe – last month the European Union (EU) agreed on new sanctions, although they were softened compared to stricter earlier proposals.
This sanctions package was the 21st adopted by the EU since Moscow’s invasion of Ukraine began in 2022.
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