A sweeping sanctions package targeting Russian energy exports has cleared its first major hurdle in the US Senate, advancing legislation that could impose 100% tariffs on imports from nations continuing to purchase Russian crude oil.
The bill, named for the late Senator Lindsey Graham, represents a significant escalation in US efforts to isolate Moscow financially.
By threatening punitive tariffs on countries such as India and China, the legislation aims to penalize states that maintain energy ties with Russia despite Western pressure.
Markets are digesting the implications of a potential trade war with major emerging economies.
The threat of 100% tariffs introduces substantial uncertainty for global supply chains and could disrupt the flow of Russian oil to key Asian buyers, potentially tightening global supply and supporting energy prices in the near term.
The development marks a shift from secondary sanctions to direct trade barriers, signaling a more aggressive US stance on enforcing energy restrictions.