Senate Begins Voting on Bipartisan Sanctioning Russia Act to Target Kremlin Oil Revenues
The Senate is expected to begin voting on the Sanctioning Russia Act, a bipartisan bill designed to hobble Russia's war effort by targeting its oil and energy sectors. The legislation, championed by the late Senator Lindsey Graham, combines sweeping sanctions on Russian officials, oligarchs, and financial institutions with a new authority for the administration to impose tariffs on the top five importers of Russian oil and gas. The bill also incorporates the Shadow Fleet Sanctions Act and extends sanctions on Iran to restrict its nuclear program and terrorism. The administration announced that the bill would allow for mandatory sanctions on certain Russian financial institutions within 30 days of enactment. By including these measures, the administration aims to provide the U.S. with greater leverage over Vladimir Putin. The legislation also provides the White House with the authority to waive sanctions for national security reasons. If passed, the bill will codify these measures into statute, making them more difficult for future administrations to remove unilaterally.