Senators reached a deal on legislation empowering the president to restrict Russian and Iranian energy buyers. This measure allows tariffs on top buyers of Russian crude and natural gas. It also extends penalties on Iran, preventing a lapse in authority. The bill could impact US trade relations with China and India. The administration retains discretion on imposing these new penalties.

If it passes, the bill would affect several major countries that currently trade with Russia, and those effects should be factored into US planning.

A bipartisan group of US senators has reached agreement on a long-awaited bill that would enable President Donald Trump to impose additional sanctions on major buyers of Russian…