Trump ally Lindsey Graham pushes new Russia sanctions and tariffs on its buyers

Source Cryptopolitan

Senator Lindsey Graham is moving fast on a bill to hit Russia with fresh sanctions and punish any country still buying its oil, gas, or uranium, as president Donald Trump continues to push for a peace deal that hasn’t happened.

The bill, called the Sanctioning Russia Act of 2025, would force huge economic consequences if president Vladimir Putin keeps ignoring peace talks or invades Ukraine again.

According to The Wall Street Journal, Graham said on Wednesday the bill already has over 60 co-sponsors, which clears the filibuster barrier in the Senate. He expects at least 67 backers by the end of the week, which would be enough to override a veto from Trump if that ever became necessary.

The support comes from both parties. It includes Senate Majority Leader John Thune, who joined without promising a floor vote. Also on board is Senate Minority Leader Chuck Schumer.

Graham said the growing list should send a clear message to the White House and to Russia that the Senate is ready to act if peace talks collapse.

“I let him know what we’re doing,” Graham said about Trump. “And I’m not going to speak for the president, but I will say that I hope he’s successful. I am somewhat optimistic we can get there. But we can’t let this go on forever.”

Graham responds to stalled peace efforts with sanctions

The timing of Graham’s move lines up with Trump’s stalled effort to stop the war in Ukraine, which began when Russia launched its full invasion in 2022.

Ukraine had offered a 30-day cease-fire in March if Russia agreed, but Putin refused. Instead, he proposed a short pause in fighting between May 8 and May 10, during Russia’s annual parade honoring the end of World War II.

Trump said earlier this month that Putin may be dragging him along and has no intention of stopping the war. Graham backed that thought. “It’s clear to me, and I think it’s becoming clear to President Trump, that the Russians are playing games,” he said.

Even though Trump has talked about possible sanctions before, he hasn’t taken solid action. Graham teamed up with Senator Richard Blumenthal to introduce the bill earlier in April.

It imposes both primary and secondary sanctions on Russia and any government supporting the war in Ukraine. It also slaps a 500% tariff on goods from countries still buying Russian oil, gas, or uranium.

Graham’s office said the tariff part of the bill would hit China, India, and Iran the hardest. Taylor Reidy, his spokesperson, said it might also impact some European allies, but discussions with officials from Germany, France, Poland, and the U.K. showed they agreed it was time to take sides.

Graham says bill pressure grew after new Russian attacks

Although some European countries have reduced dependence on Russian energy, the EU reported that in 2024, Russia still supplied 17% of gas and 18% of liquefied natural gas imports.

Graham called the sanctions in the bill “bone crushing.” He said if Putin doesn’t agree to a negotiated peace soon, the Senate will respond aggressively. “Unless there is a negotiated peace soon, I’m confident the Senate would move in overwhelming fashion to hit Russia hard.”

He added that he’d rather see a diplomatic end, and said the bill gives Trump room to finish his talks. But he insisted the Senate is tired of waiting.

“Most members of the Senate believe that Putin has been resistant to finding a negotiated solution to the war, and has been brazen and barbaric in his actions against Ukraine,” Graham said. “By co-sponsoring this bill I think a senator is making a pretty clear statement that they see Russia as the greatest offender here.”

In the House, Rep. Brian Fitzpatrick introduced a matching bill, which now has 26 co-sponsors, evenly split between Republicans and Democrats. Graham believes that if it gets a vote, it’ll pass easily.

Blumenthal said, “This bill has legs, really strong legs.” He said he spoke directly with Ukrainian President Volodymyr Zelensky about it. Blumenthal said the bill sends a “bone-chilling message to Putin that Congress is steadfast and resolute behind the people of Ukraine.” When asked how long Congress would wait before moving, Graham said, “We’re talking weeks.”

Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, 2024
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Analysts Highlight 4 Reasons Why ETH Price Could Rebound Strongly in MayEthereum (ETH) has declined for five consecutive months. However, it enters May with rising optimism.
Author  Beincrypto
May 07, Wed
Ethereum (ETH) has declined for five consecutive months. However, it enters May with rising optimism.
placeholder
Avalanche Price Forecast: AVAX set to extend losses as Open Interest drops to one-month lowAvalanche (AVAX) trades in the green by almost 1% at press time on Wednesday, as it tests a crucial support floor that has held for over two months.
Author  FXStreet
Jun 18, Wed
Avalanche (AVAX) trades in the green by almost 1% at press time on Wednesday, as it tests a crucial support floor that has held for over two months.
placeholder
Gold price bulls seem reluctant amid hawkish Fed-inspired USD strengthGold price (XAU/USD) attracts some dip-buying during the Asian session on Thursday and recovers a part of the previous day's losses to the $3,363-3,362 area, or the weekly trough.
Author  FXStreet
23 hours ago
Gold price (XAU/USD) attracts some dip-buying during the Asian session on Thursday and recovers a part of the previous day's losses to the $3,363-3,362 area, or the weekly trough.
placeholder
Bitcoin Price Forecast: BTC on the verge of a breakdown amid possible US strike on IranBitcoin (BTC) price edges slightly higher, trading near $104,700 at the time of writing on Thursday, after stabilizing above a key level, the 50-day Exponential Moving Average (EMA) at $103,100.
Author  FXStreet
17 hours ago
Bitcoin (BTC) price edges slightly higher, trading near $104,700 at the time of writing on Thursday, after stabilizing above a key level, the 50-day Exponential Moving Average (EMA) at $103,100.
goTop
quote