US senators propose bill for up to 100% tariffs on Russian oil and gas

A bipartisan group of U.S. senators has unveiled a new legislative proposal that could impose significant tariffs on Russian energy imports. The bill, championed by the late Senator Lindsey Graham, aims to levy duties of up to 100% on major Russian oil and gas purchases, with China and India identified as primary targets.

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Under this proposal, up to 100% tariffs would be imposed on major Russian oil and gas buyers.

Democratic Senator Richard Blumenthal explained that the legislation includes exemptions for European allies and nations that import less than 15% of their natural gas from Russia, provided they take "significant action" to reduce these purchases. This approach seeks to penalize Russia's energy sector without unduly harming key allies.

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The bill provides exemptions for countries that import less than 15% of their natural gas from Russia and take 'significant action' to reduce these purchases.

The proposed measures extend beyond tariffs, encompassing broader sanctions against Russia's energy, financial, and defense industries. It also targets Russian oligarchs, business leaders, and President Vladimir Putin directly. The senators emphasized the urgency of passing the bill, both as a tribute to Graham's efforts and as a continued show of support for Ukraine.

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Swift passage would be important not only as a tribute to L. Graham but also to Ukraine.

This initiative follows over a year of discussions in the Senate regarding a new sanctions package against Russia. A previous version of the bill had proposed tariffs of at least 500% on imports from countries continuing to purchase Russian oil, gas, or uranium. Former President Donald Trump has indicated that there is a "high probability" of such a sanctions package being adopted, noting that lawmakers are considering including Iran and Hezbollah in the measures.

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There is a 'high probability' that the sanctions package will be adopted.