US Congress passes tariff Bill targeting Russian oil buyers

The US Congress has cleared legislation providing for tariffs of up to 100 per cent on goods from major buyers of Russian energy sending President Donald Trump a sanctions package that divided Democrats over the scope of his trade powersThe House passed the Lindsey O Graham Sanctioning Russia and Iran Act of 2026 by 262159 on Wednesday local time The Senate approved it 8611 on August 7 Trump is expected to sign the measure with his advisers having recommended approvalThe package seeks to reduce the financial resources sustaining Russias war against Ukraine It targets Russian officials banks energy interests and foreign entities supporting Moscows military operationsAccording to the House Ways and Means Committee the bill directs tariffs of up to 500 per cent on Russian goods It also provides for duties of up to 100 per cent on goods from countries covered by its Russian oil and gas purchase provisionsThose provisions cover major Russian energy importers and leading facilitators of oil sanctions evasion The committee said additional countries could be added following reviews by the US Trade Representative every 180 daysSenator Katie Britts office said the bill includes an exemption for countries whose Russian natural gas imports represent less than 15 per cent of Russias total gas exports and that are taking significant steps to reduce those purchasesThe supplied statements do not identify India as a designated target or establish an Indiaspecific tariff rateSupporters argued that stronger economic pressure would help bring Moscow towards negotiationsPeace becomes possible when aggression carries a cost greater than its reward Representative Brian Fitzpatrick cochair of the Congressional Ukraine Caucus said in his statementThe sanctions would reach major Russian financial institutions and foreign banks conducting significant transactions with sanctioned Russian lenders They also target the vessels owners operators insurers and ports supporting Russias sanctionsevasion networksThe bill restricts new US investment in Russia and its energy sector purchases of Russian sovereign debt and financial services used to circumvent sanctions It extends the Iran Sanctions Act of 1996 through 2031Democratic opposition centred on concerns that Trump could misuse the tariff provisions CQ reported that 58 Democrats supported the package while only seven Republicans opposed itRepresentative Joaquin Castro said he supported financial sanctions and investment restrictions but objected to additional presidential tariff powersI have serious concerns that he would abuse the tariff authorities that this bill provides to pursue his own agenda and not use them in a way that would put pressure on those who buy Russian oil Castro said in his statementOther Democrats argued that Congress should approve the measure despite their disagreements with TrumpThis is an antiRussia proUkraine bill Let us pass it Representative Steny Hoyer said during the House debatePermanent termination of the Russiarelated sanctions would require presidential certification to Congress that Moscow had signed a peace agreement accepted by Ukraines independent government according to Fitzpatricks office Russia would also have to cease military hostilities and efforts to overthrow dismantle or subvert that government Congressional review would followThe legislation follows more than a year of bipartisan work to pressure Moscow according to Fitzpatricks statement It is named in memory of Senator Lindsey Graham who helped develop the packageRussia launched its fullscale invasion of Ukraine in February 2022 The conflict has prompted successive Western sanctions targeting Russian banks trade and energy revenues alongside military and financial assistance to UkraineThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever