Overview

• The Sanctioning Russia Act now has 80 co-sponsors and could reach a floor vote as soon as the week of July 21.
• It mandates a 500% tariff on all US imports from countries that purchase Russian oil, gas, uranium and other exports.
• The White House is pushing to change the bill’s language from “shall” to “may” to expand presidential discretion and remove Congress’s veto over tariff waivers.
• India’s External Affairs Minister S. Jaishankar and Oil Minister Hardeep Singh Puri have engaged with bill sponsors to defend discounted Russian oil imports and warn of rising replacement costs.
• Analysts warn the measure could disrupt global trade, drive up US consumer prices and strain ties with major importers like India and China.