The recently updated legislation, spearheaded by Senator Richard Blumenthal, has garnered backing from over 60 senators, including 39 Republicans and 22 Democrats. The bill aims to impose 100% secondary tariffs on countries that continue to purchase Russian oil and gas, notably affecting nations such as China and India.
To pass, the bill requires a minimum of 51 votes in the Senate. Although President Donald Trump has not fully endorsed the bill, he has indicated a willingness to sign it in honor of Graham.
Initially introduced on May 1, the bill on “powerful” sanctions was reported to have the support of 72 senators at that time. On May 18, U.S. Secretary of State Marco Rubio suggested that America is likely to impose new sanctions against Russia if peace in Ukraine is not achieved.
In a revised version presented to the Senate on July 14, the bill has been softened, now proposing tariffs reduced to 100% from the previous 500%. It includes exemptions for countries purchasing less than 15% of their gas from Russia and actively reducing imports, potentially covering Japan, France, Hungary, and Belgium. Additionally, the new draft allows the U.S. President to revoke sanctions if deemed in the national interest of the United States.
