US senators on Tuesday unveiled their sweeping bipartisan Russia sanctions bill, which they have urged Congress to quickly pass to honor of one its main sponsors, the late Sen. Lindsey Graham.
The legislation, which is meant to pressure Moscow and deprive it of revenue for its war against Ukraine, has been in the works for more than a year. Graham announced on Friday, just a day before his sudden death, that lawmakers reached an agreement with the White House to move forward on the bill.
The more-than-60-page bill, if passed, would impose mandatory sanctions on Russian political and military leaders, including President Vladimir Putin, as well as oligarchs, state-owned enterprises, and foreign companies that support Russia’s defense industrial base.
It would also impose sanctions on Russia’s shadow fleet, its energy projects, and its financial institutions. In addition, it would impose a 100% tariff on the top five countries, including China and India, that purchase Russian crude oil and natural gas. It does allow an exemption for countries that import less than 15% of Russia’s total natural gas exports and are “taking significant steps to reduce those imports,” a Senate aide said.
Another Senate aide noted that “the vast majority of Russia’s income, particularly used toward its war of aggression in Ukraine, is made up from its exports of Russian oil and gas,” so the legislation has been “narrowly tailored . to very much focus on that aspect of the Russian economy.”
