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US senator expects 'sledgehammer' Russia sanctions bill to pass House next month

Created at 26 Aug · 6:36 PM1 source↑ Market-relevant
IN SHORT

A U.S. senator sponsoring a bill for wide-ranging sanctions on Russia expressed hope it would pass the House of Representatives next month, calling it a "sledgehammer" to President Vladimir Putin's war funding efforts. The bill aims to sanction Russian officials and allow tariffs on top buyers of Russian oil and gas.

Key Numbers

100%maximum tariff rate on Russian oil and gas buyers

Who's Involved

Richard Blumenthal
U.S. Senator sponsoring Russia sanctions bill
Donald Trump
U.S. President with authority to set tariffs
Vladimir Putin
Russian President whose war funding efforts are targeted
Volodymyr Zelenskiy
Ukrainian President asked to lobby for bill passage
Lindsey Graham
Late Senator, co-author of the bill

↳ Why This Matters

The potential passage of this sanctions bill could significantly impact Russia's revenue streams, potentially hindering its ability to fund the ongoing conflict in Ukraine and signaling a strong international stance against its actions.

Key facts

  • A U.S. senator believes a bill imposing broad sanctions on Russia could pass the House of Representatives next month.
  • The proposed legislation aims to sanction Russian officials and enable tariffs of up to 100% on top buyers of Russian oil and gas, including China and India.
  • Senator Richard Blumenthal stated the bill has significant Republican backing in the House and previously passed the Senate.
  • The bill includes exemptions for European allies to avoid tariffs.
  • Ukrainian President Volodymyr Zelenskiy has agreed to lobby House members to support the bill's passage.
  • U.S. Senator Richard Blumenthal expressed optimism that a comprehensive sanctions bill targeting Russia will be approved by the House of Representatives in the coming month. Blumenthal, a Democrat from Connecticut, described the proposed legislation as a "sledgehammer" designed to cripple President Vladimir Putin's ability to finance the war in Ukraine.

    During a visit to Kyiv, where he met with Ukrainian President Volodymyr Zelenskiy and other officials, Blumenthal noted the bill's strong bipartisan support in the House, following its comfortable passage in the Senate last month. He emphasized that Putin "understands only force" and that the sanctions bill would provide the necessary impact.

    The bill's provisions include sanctioning high-ranking Russian officials and granting President Donald Trump the authority to impose tariffs of up to 100% on major purchasers of Russian oil and gas, such as China and India. Blumenthal assured that exemptions are in place to protect European allies from these tariffs, addressing concerns previously raised by some Democratic legislators.

    Blumenthal revealed that he had requested President Zelenskiy to actively engage with members of the House of Representatives to advocate for the bill's passage. Zelenskiy had previously communicated with senators in Washington last month regarding the bill, which was voted on the same day as the funeral of its co-author, the late Senator Lindsey Graham. Ukraine's presidency has not yet issued an immediate comment on the request.

    Frequently asked questions

    The bill aims to cut off revenue streams to Moscow that fund the war in Ukraine by sanctioning Russian officials and imposing tariffs on major buyers of Russian oil and gas.

    Senator Blumenthal is hopeful that the bill will pass the House of Representatives next month, citing strong bipartisan support.

    Yes, the bill includes exemptions to spare European allies from the imposition of tariffs.

    Ukrainian President Volodymyr Zelenskiy has agreed to lobby members of the House of Representatives to support the bill's passage.

    What Happens Next

    01The bill is expected to be considered by the House of Representatives next month.

    How It Developed

    Senator Richard Blumenthal expressed hope that a Russia sanctions bill would pass the House next month.
    The bill aims to sanction top Russian officials and allow tariffs on major buyers of Russian oil and gas.
    Blumenthal stated the bill had strong Republican support in the House and had comfortably passed an initial Senate vote.
    Exemptions are included to spare European allies from tariffs.
    Blumenthal asked Ukrainian President Volodymyr Zelenskiy to lobby House members for support.

    Sources

    T1
    US senator hopes 'sledgehammer' Russian sanctions will pass next monthReuters

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