Senate Unanimously Advances Russia Sanctions Bill with 200% Tariffs
The US Senate has advanced a sweeping sanctions bill against Russia and Iran with an overwhelming vote of 86-0. The Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, named after the late Senator Lindsey Graham, would impose tariffs as high as 200% on major buyers of Russian oil and gas.
Ukrainian President Volodymyr Zelensky lobbied all 100 senators behind closed doors just one day before the vote, reportedly arguing that Russia is losing ground in the conflict. His appeal appears to have consolidated Democratic support that had been wavering in recent months.
The bill targets Russia's economic lifelines with a multi-pronged approach, extending sanctions to Russian financial institutions, oligarchs, and political elites. It also includes parallel provisions targeting Iran, broadening the scope well beyond a single-country measure.
The US Treasury's Office of Foreign Assets Control may take action against digital asset flows under the new framework, potentially catching crypto exchanges, stablecoin issuers, and DeFi protocols in its net. This could lead to similar enforcement actions as seen with Tornado Cash in 2022.