US Senate Passes Russia Sanctions Bill Championed by Graham

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessUS Senate Passes Russia Sanctions Bill Championed by GrahamThe US Senate passed a sweeping new Russia sanctions bill authorizing punishing tariffs on China, India and other top buyers of the country’s oil and gas as well as extended Iran sanctions.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.The US Capitol in Washington. Photographer: Graeme Sloan/Bloomberg Photo by Graeme Sloan /Bloomberg(Bloomberg) — The US Senate passed a sweeping new Russia sanctions bill authorizing punishing tariffs on China, India and other top buyers of the country’s oil and gas as well as extended Iran sanctions. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe legislation, which had been championed by the late Senator Lindsey Graham, received bipartisan support, ultimately passing on an 86 to 11 vote. Graham, a South Carolina Republican, died last month shortly after returning from a visit to Ukraine.“This legislation hits Putin where it hurts,” Senator Darline Graham, who was appointed to her brother’s seat, said of the Russian president just prior to the vote. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe legislation has been dramatically narrowed from a version drafted last year in order to win the backing of President Donald Trump, who ended most direct aid to Ukraine in favor of selling weapons to the country often paid for by America’s European allies. The measure must still pass the House. Some Democratic lawmakers and Senator Rand Paul, a Kentucky Republican, have warned that the bill could be used by Trump as a legal justification for broad new tariffs on major trading partners like China and India. Paul’s amendment to block the new tariff authority failed.Trump would be authorized under the legislation to levy 100% tariffs on the top five buyers of Russian crude and natural gas, as well as the top five countries aiding Russia’s energy sanctions evasion.Earlier: Russia Sanctions Threat May Complicate US-India Trade TalksWhile senators in both parties hailed the measure as a blow to the Kremlin, it’s an open question if Trump would use his new powers. The White House negotiated broad waivers that give the president wide discretion not to impose penalties.The bill would also extend the Iran Sanctions Act of 1996 through 2031. That law imposes secondary economic sanctions on non-US companies doing business with Iran and was set to expire this year.The bill also allows the president to impose a blanket tariff of 500% on Russian goods imported to the US.The new tariff authority would last for five years.The White House has previously made efforts to impose sanctions on Russia, but had granted a series of temporary waivers for oil sales after the closing of the Strait of Hormuz during the war with Iran triggered a crisis on oil markets. Last year, Trump slapped a 25% tariff on Indian goods over New Delhi’s Russian energy purchases, but later lifted it to help seal a broader US-India trade deal. China, one of Russia’s largest oil customers, escaped similar penalties altogether as Trump has sought to limit trade tensions with Beijing.Earlier: Lindsey Graham’s Death Deprives Ukraine of Key Trump WhispererThe US has piled sanctions on Russia since the start of the full-scale invasion of Ukraine in February 2022. A complicated patchwork of waivers and other loopholes, however, allows Russia to continue to sell a large portion of its energy resources into international markets, in part because restricting those flows would have an adverse impact on the global economy.Trump’s Democratic critics warned the sanctions bill won’t do much if Trump doesn’t change course.“If he’s willing to continue to legitimize and cozy up to Vladimir Putin, sanctions won’t fix the underlying problem,” Senator Chris Murphy of Connecticut told reporters at the Capitol last week.—With assistance from Aidan Williams.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.