WASHINGTON—Championed by late US Senator Lindsey Graham, the bipartisan Sanctioning Russia Act is gaining new momentum in Congress, where more than sixty US senators have cosponsored a newly revised version. The legislation aims to reduce the Kremlin’s oil revenues by placing tougher sanctions on Russia’s energy and financial sectors. It also imposes additional sanctions on Russian President Vladimir Putin and other senior Russian officials. But if passed, it would also affect several major countries that currently trade with Russia, and those effects should be factored into US planning.
Where the Sanctioning Russia Act stands now
The latest Senate bill includes several notable additions intended to give it more bite. To begin with, it incorporates the bipartisan Shadow Fleet Sanctions Act. This addition speaks to the Senate’s intention to address the wider mechanism by which Russian oil is transported. Equally important, however, the latest bill creates two new authorities: First, it permits the United States Trade Representative to impose up to 100 percent tariffs (down from the 500 percent previously proposed) on the top five importers of Russian oil and gas. Second, it gives the White House the authority to waive sanctions upon providing a national security justification and certification.
