Overview
- The Senate overwhelmingly cleared key procedural votes to move the Lindsey O. Graham Sanctioning Russia and Iran Act forward, winning 86-12 and 84-12 tallies in votes this week to allow further debate and a likely final Senate vote.
- The bill combines targeted sanctions on Russian leaders, banks, defence firms and the so-called shadow fleet with authority to impose tariffs of up to 100 percent on the five largest buyers of Russian oil or gas.
- Sponsors capped earlier extreme drafts, built in a five-year sunset and waiver authority, and would have the U.S. Trade Representative set tariff rates with 180-day reviews of which countries are targeted.
- Critics say the language hands the president broad, discretionary tariff power that could be used or waived at will and warn it could raise prices for U.S. consumers and strain ties with trade partners.
- If passed by the Senate, the bill will move to the House when it returns in late August or September where Democratic and some Republican lawmakers may seek changes and New Delhi has said it is closely monitoring the proposal.