Overview

• The bipartisan Sanctioning Russia Act would grant President Trump authority to impose up to 500% tariffs for 180 days on any nation importing Russian oil, gas or uranium.
• On July 14, Sen. Lindsey Graham specifically warned that India, China and Brazil face the maximum tariff for continuing to purchase discounted Russian energy.
• President Trump said he will activate 100% secondary tariffs against countries trading with Russia unless a Ukraine peace agreement is secured within 50 days.
• Lawmakers are drafting proposals to seize frozen Russian assets and expand U.S. arms sales to European allies to reinforce Ukraine’s defenses.
• Analysts caution that the proposed measures could drive global energy prices higher and strain diplomatic ties with major energy-importing nations.