Overview
- The Senate approved the Lindsey O. Graham Sanctioning Russia and Iran Act on Friday, sending the bipartisan package to the House for final consideration.
- The bill authorizes the president to impose tariffs of up to 100 percent on the five largest importers of Russian crude or natural gas with the U.S. Trade Representative setting specific rates and reviewing those choices every 180 days.
- The law preserves presidential waivers and broad administrative discretion, a feature that critics say could let the president target U.S. partners and that could prompt legal challenges given past court rulings on executive tariff moves.
- Major buyers such as India and China are identified as potentially exposed but would not be hit automatically, and U.S. importers and consumers could face higher prices or supply shifts depending on how the administration enforces the tariffs.
- The package also extends Iran-related sanctions through 2031 and targets Russia’s shadow fleet that evades embargoes, and the House is expected to consider the bill when it reconvenes on Aug. 31.