Senate advances Lindsey Graham-named sanctions bill targeting Russian oil and gas revenues

The Senate approved the Lindsey O. Graham Sanctioning Russia and Iran Act, a bipartisan measure that expands sanctions on Russia and Iran and moves the legislation to the House of Representatives. The bill aims to reduce funding for Russia’s war effort by targeting oil and gas exports and includes tariffs of up to 500% on Russian imports and up to 100% on the top five countries that purchase Russian energy, such as China and India. It also extends sanction authority over Iran’s weapons and energy sectors and provides the president with flexibility to adjust certain provisions.

Senator Richard Blumenthal said, \"Today, President Zelenskyy is watching from Ukraine, and Putin is watching from Moscow. I would like to think that Lindsey Graham is watching, too.\"

The legislation faced opposition from Senators Rand Paul and Ron Wyden, who raised concerns that high tariffs on countries like China could push them closer to Russia. Paul warned that the tariffs might \"undermine America's strategic position in the world.\"

Senator Raphael Warnock initially hesitated but later supported the bill after discussions with U.S. Trade Representative Jamieson Greer, noting that the tariff authority would be limited to the five largest buyers of Russian oil and gas. \"We should not have to choose between putting a check on Putin's aggression and putting a check on this president's tariff regime,\" Warnock said.