Overview
- Senator Richard Blumenthal formally filed the bill in the Senate on July 16 after it was drafted by the late Senator Lindsey Graham, and the full text was posted on the Senate website.
- More than 60 senators from both parties have signed on as co-sponsors, a level of support that would be enough to overcome a Senate filibuster if leadership brings the measure to the floor.
- The bill would codify broad economic steps now taken by executive action, including bans on U.S. investment in Russia, a prohibition on buying Russian sovereign debt, and asset limits on major Russian banks.
- It proposes extreme trade measures, including tariffs up to 500% on some Russian imports and tariff penalties up to 100% on goods from countries that continue large purchases of Russian oil and gas, a provision that could affect major buyers such as India and China.
- Senate Republican leadership has not scheduled debate or a vote, and the White House has not fully endorsed the text though President Trump has said he would be willing to sign it if passed, leaving the bill’s timing and final scope uncertain.