The US Senate has introduced a revised version of a Russia sanctions bill that reduces the proposed tariff threat on countries including India and China over their purchases of Russian oil and gas.
The
updated legislation, backed by lawmakers from both the Republican and Democratic parties, seeks to increase pressure on Moscow by targeting Russian officials, financial institutions and energy projects, while using tariffs to push major buyers of Russian energy to cut their dependence on the country.
According to Reuters, the revised bill lowers the maximum tariff that could be imposed on major third-party buyers of Russian oil and natural gas to 100%, compared with the earlier proposal that threatened a blanket 500% tariff.
The bill was originally championed by the late Senator Lindsey Graham, who had announced during a visit to Ukraine that he had reached an understanding with US President Donald Trump to move ahead with the legislation. Graham died suddenly on Saturday.
India, China Among Top Russian Oil Buyers
The revised measure targets the five largest purchasers of Russian crude, which include China, India, Slovakia, Hungary and Azerbaijan, according to Senate aides. China, France, Japan, Hungary and Belgium are among the biggest importers of Russian natural gas.
The legislation also includes exemptions for some countries that import less than 15% of Russia’s natural gas exports and are taking steps to reduce those supplies. The provision could potentially benefit countries such as Japan, France, Hungary and Belgium.
Beyond tariffs, the bill proposes sanctions on Russia’s so-called shadow fleet of tankers that operate outside Western maritime services, along with Russian financial institutions, including the Central Bank of Russia. It also targets major state-backed energy projects, including Yamal LNG and Arctic LNG projects.
The updated bill includes a provision allowing Trump to waive sanctions if he determines that doing so serves US national interests.
Senate aides said the legislation had 26 co-sponsors and expressed confidence that more lawmakers could support the measure. The bill is expected to move forward after months of negotiations aimed at securing wider backing among senators and the White House.
(With inputs from Reuters)
