Key facts
- A bipartisan Russia sanctions bill has been unveiled by U.S. senators.
- The legislation targets Russian leadership, energy sector, financial institutions, and the defense industrial base.
- It includes tariffs on major purchasers of Russian oil and gas, with specific exemptions.
- The bill grants the president authority to waive sanctions under certain conditions.
- The legislation is intended to pressure Russia and limit its revenue for the war in Ukraine.
U.S. senators have unveiled a sweeping bipartisan bill aimed at imposing mandatory sanctions on Russia's leadership, energy sector, financial institutions, and its defense industrial base, including its 'shadow fleet.' The legislation, which has been in development for over a year and is seen as a tribute to the late Sen. Lindsey Graham, also includes provisions for tariffs on countries that are major purchasers of Russian oil and natural gas. However, the bill incorporates waivers that would allow President Trump to exempt individuals or entities from sanctions if deemed in the national interest of the United States, a concession sought by the White House. The updated text narrows the president's tariff authority compared to earlier versions, and includes an exemption for countries taking significant steps to reduce their dependency on Russian natural gas, provided their imports are below a certain threshold. The bill's proponents believe it will effectively pressure Moscow and limit its revenue for the war in Ukraine, with growing bipartisan support and confidence in its passage.