The U.S. Senate is about to take its first step toward hitting Russia where it hurts most - its oil sales.
On Tuesday, a bipartisan group of senators said they had reached an accord merging the Russia sanctions package with Iran-related penalties into a single piece of legislation. The first targets Russia's oil exports. Proponents say petroleum is the leading commodity Moscow uses to finance its military operations, and taking action now could help Ukraine shift the momentum on the battlefield. The second keeps pressure on Iran's energy sector and its weapons programs.
The deal cleared the way for an initial vote, which was expected Tuesday night.
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The legislation is named after Lindsey Graham, the late Senator from South Carolina. Ukrainian President Volodymyr Zelenskyy was in Washington for Graham's funeral services when the announcement was made. Graham had just come back to Washington from Ukraine prior to his death.
The bill includes broad sets of penalties directed at Russia and those who assist its war effort. These sanctions target Russian officials, oligarchs, their relatives, foreign individuals, Russian banks and financial entities, and the shadow fleet used to move Russian oil.
The legislation also aims to leverage one of President Donald Trump's preferred instruments by giving the president new power to place tariffs on goods imported from nations that purchase Russian crude or help Russia evade sanctions. The proposed legislation restricts the president's tariff authority to just the five largest buyers of Russian oil or gas, plus the five biggest facilitators of energy sanctions avoidance. Additionally, the measure would prolong the sanctions authority that curbs financial support for Iran's energy and weapon sectors - an essential element in reaching a deal while the U.S. remains in a standoff with Tehran.
In a joint statement, the group of senators proclaimed, "We are proud to announce an agreement on legislation to stop purchasers of Russian oil and gas from fueling Putin's war machine and to continue restricting the Iranian regime's ability to support terrorism and build its nuclear program," referring to Russian President Vladimir Putin. "There is no greater way to honor Senator Graham's legacy than to move forward with this bipartisan agreement, and we look forward to today's vote."
The bipartisan support for this bill reflects a rare congressional unity on countering Russian aggression, especially as the war in Ukraine nears its fourth year. Senator Graham, a vocal advocate for Ukraine, had pushed for tougher measures before his death. His namesake legislation seeks to close loopholes that have allowed Moscow to maintain oil revenues despite existing Western sanctions - a persistent challenge for policymakers. The shadow fleet of aging tankers and opaque intermediaries has enabled Russia to continue selling crude to buyers in Asia, particularly India and China, undermining earlier efforts to cap its income.
Russian oil exports have proven resilient despite earlier Western measures, with Moscow relying on a shadow fleet of aging tankers and complex corporate structures to deliver crude to buyers in Asia. This practice has allowed the Kremlin to keep substantial revenue flowing, funding its military operations in Ukraine.
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