Overview
- The U.S. Senate voted 86–11 on Friday to pass the Lindsey O. Graham Sanctioning Russia and Iran Act, which pairs expanded Russia and Iran sanctions with authority for the president to levy tariffs up to 100% on any of the five largest importers of Russian crude or gas.
- The bill is not law: it must clear the House and receive the president’s signature, and it can be amended or blocked before enactment, so any tariff action remains uncertain.
- The legislation builds in implementation mechanics, including USTR reviews every 180 days, limited exemptions, presidential waiver power, and a five-year sunset, meaning application of duties would depend on White House determinations and trade‑office decisions.
- India is a central focus because Kpler data show record Russian crude purchases in July 2026, and Indian analysts are split between views that the macro hit would be limited and warnings that 100% duties could make many exports to the U.S. unviable and push global oil toward $100–$120 per barrel.
- Beyond direct trade costs, coverage highlights wider risks: tightened global oil supply if major buyers cut Russian imports, accelerated moves to non‑dollar payments and alternative trade partners, and potential diplomatic friction between the U.S. and targeted countries.