Russia sanctions Senate vote set as lawmakers add Iran measures
Senators say they have a bipartisan deal linking Russia oil sanctions with Iran measures, clearing the way for an initial vote Tuesday night.
By Dev Ramirez · Crypto Correspondent
· 3 min read
The Senate is expected to start setting up a Russia sanctions Senate vote on Tuesday, with a bill aimed at Russia’s war financing now paired with measures targeting Iran. For investors, the market angle is energy and trade: the package targets Russian oil and gas sales and could give President Donald Trump new tariff authority tied to countries that buy Russian energy or help evade sanctions.
The legislation is named for the late Sen. Lindsey Graham of South Carolina. Supporters say Russian oil is the main commodity Moscow uses to finance its war in Ukraine, and they argue that limiting those revenues would support Kyiv on the battlefield.
Sen. Richard Blumenthal, D-Conn., and Sens. Darline Graham, R-S.C., Katie Britt, R-Ala., Jeanne Shaheen, D-N.H., Roger Wicker, R-Miss., and Jim Risch, R-Idaho, said Tuesday they had reached an agreement to combine the Russia sanctions package with sanctions on Iran. That deal allows an initial vote to be expected Tuesday night while Ukrainian President Volodymyr Zelensky is in Washington for Graham’s funeral services.
In a joint statement, the senators said the legislation would stop buyers of Russian oil and gas from helping fund Russian President Vladimir Putin’s war effort and would keep pressure on Iran’s ability to support terrorism and build its nuclear program. They said advancing the bipartisan agreement would honor Graham’s legacy.
Graham had recently returned to Washington from Ukraine when he died, according to the report.
What is in the Russia sanctions bill?
The bill would create a broad sanctions package aimed at Russia and those described by lawmakers as helping its war effort. Sanctions are government restrictions that can limit access to money, trade, property or financial systems.
The targets listed in the legislation include Russian officials, oligarchs and their family members, foreign persons, Russian banks and financial institutions, and Russia’s shadow fleet. A shadow fleet refers to ships used to move energy exports while trying to avoid sanctions or other restrictions.
The package also includes tariff authority. A tariff is a tax on imported goods, usually paid by importers and often passed through in prices. Under the bill, the president could impose tariffs on goods from countries that buy Russian oil or help Russia avoid energy sanctions.
That tariff power would not apply to every country. The legislation would limit it to the five largest importers of Russian oil or gas and the five largest enablers of energy sanctions evasion.
Why Iran sanctions are tied to the vote
The agreement also folds in sanctions authority focused on Iran’s energy and weapons sectors. Lawmakers described that piece as a way to keep restricting Iran while the U.S. continues to wage a war with Iran.
Combining the Russia and Iran measures helped create the bipartisan agreement needed to move toward a vote, according to the senators’ announcement. The first vote is expected Tuesday night, which would begin the Senate process rather than send the bill into law on its own.
If the measure advances, investors will be watching how the tariff authority and energy sanctions are written into final legislation. The direct policy target is Russia’s ability to fund its war in Ukraine, but the tools Congress is considering run through oil, gas, shipping, banks and imported goods, all areas that can matter for markets.
This story draws on original reporting from CNBC.
