Home›Commodities›Energy›Senate advances Russia and Iran sanctions bill targeti…

Senate advances Russia and Iran sanctions bill targeting oil and gas

The measure authorizes tariffs of up to 200 percent on major buyers of Russian oil and natural gas, with sanctions extended through 2031 for Iran.

Reported · Written up by our desk · Energy

The U.S. Senate voted 86-12 on July 28 to advance the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, a procedural step toward wider sanctions aimed at tightening economic pressure on Russia and Iran.

OilPrice reports the bill would authorize President Donald Trump to impose tariffs of up to 200 percent on the world’s largest purchasers of Russian oil and natural gas, while also expanding sanctions covering Russia’s financial institutions, political elites, oligarchs, and the “shadow fleet” used to evade existing restrictions.

The legislation also extends sanctions on Iran through 2031. OilPrice adds that the bill still requires final Senate passage and House consideration after the August recess, but Tuesday’s vote reflected a rare level of bipartisan support.

Reporting said the vote followed Ukrainian President Volodymyr Zelenskyy’s closed-door appeal to senators, with senators framing the legislation as a strategic economic pressure tool rather than only another sanctions package.

Latest closeNat gas $2.680 ▼3.1%

More like this

Sources