Bipartisan U.S. Senate Bill Targets Russian Energy Purchases
The bill would apply a 500% tariff on imported goods from countries that buy Russian oil, gas, uranium, and other unspecified products if the Kremlin fails to engage in meaningful peace talks to end the war in Ukraine.
Targeting Major Russian Energy Buyers
China and India have been leading buyers of Russian oil since the 2022 invasion of Ukraine, while the European Union remains the primary importer of Russian natural gas. The U.S. and China were the largest importers of Russian uranium in 2023. The bill also proposes sanctions that would prevent U.S. citizens from purchasing Russian sovereign debt and prohibit U.S. financial institutions from investing in entities tied to the Russian state.
Potential Waivers and Global Consequences
The bill acknowledges the possibility of conflict with India and China over these secondary sanctions, as well as the challenge of imposing such measures on the EU. To address this, the bill includes provisions for presidential waivers for national security reasons. Senators Lindsey Graham and Richard Blumenthal, who are spearheading the bill, stated that these sanctions could also be enacted if Russia violates a future peace agreement with Ukraine.
Legislation Gaining Bipartisan Support
Graham and Blumenthal emphasized that the proposed sanctions would receive broad bipartisan support in both the Senate and the House if presented for a vote. A companion bill is expected to be introduced in the U.S. House of Representatives. However, there is no timeline yet for a vote on the legislation.
Trumps Secondary Tariffs Threat and Moscows Response
The bipartisan effort follows a threat from U.S. President Donald Trump on Sunday to impose secondary tariffs on Russian oil in response to President Vladimir Putins demands to replace Ukrainian President Volodymyr Zelensky as part of peace talks. Moscow has responded by stating that Putin remains open to talks with Trump and reiterated that Ukraine had violated a U.S.-mediated agreement to halt attacks on energy facilities. Kremlin spokesperson Dmitry Peskov indicated that Russia would continue communicating with the U.S. regarding the peace process.
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Text source: Coindoo
