IBNS-CMEDIA: The US Senate has approved a bill that would allow President Donald Trump to impose tariffs of up to 100% on countries purchasing Russian oil or natural gas, including India.
The bill was long championed by the late US Senator Lindsey Graham.
Named the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, the legislation aims to weaken Russia’s war effort in Ukraine by penalising purchasers of Russian oil and targeting Russian leaders, CNBC reported.
The crucial legislation was passed with strong bipartisan support in an 86-11 vote.
According to reports, the bill includes sanctions against Russian leaders and officials, targeting Russian President Vladimir Putin, oligarchs and financial institutions.
Following the vote, Senator Richard Blumenthal, D-Conn., told reporters, as quoted by CNBC: “These sledgehammer sanctions and tariffs will stop all who are complicit in this murderous, criminal war of aggression against a brave free people.”
“To the people of Ukraine, we are with you,” Blumenthal added.
During the vote, Senator Mazie Hirono, D-Hawaii, who voted against the bill, said she supports sanctions against Russia but believes the legislation gives Trump too much authority to impose tariffs.
“It provides too much room for him to do things that are unpredictable and that actually harms the situation,” she told CNBC.
