US prepares sweeping new sanctions against Russia
Photo: US President Donald Trump (Getty Images)
The United States is planning a major expansion of sanctions against Russia, targeting broad sectors of Russia's economy, from finance to energy, according to Radio Free Europe/Radio Liberty.
According to the outlet's Washington correspondent, Alex Raufoglu, the document’s authors plan to present it on Monday, July 13.
A previous version of the bill stipulated that Washington's response to Moscow’s rejection of peace efforts would depend almost entirely on the decisions of President Donald Trump. However, the revised draft significantly changes that approach.
Under the new version, a large share of the sanctions would take effect automatically within 30 days after the legislation receives final approval.
"The revised legislation would expand sanctions beyond Russian officials and banks to cover investments, sovereign debt, shipping, energy exports, uranium imports, financial institution services, and other sectors of the Russian economy," Radio Free Europe/Radio Liberty reported.
Background
Speaking at a briefing in Kyiv on Friday, July 10, Senator Lindsey Graham, who introduced the initiative for tougher sanctions against Russia, said the measures are intended to help President Trump bring the war in Ukraine to an end as quickly as possible.
He said the new legislation would provide the US President with powerful tools to increase economic pressure on Moscow. In particular, the bill would authorize tariffs and tough restrictions against any country that continues to purchase Russian oil and gas.
Foreign companies and countries that help the Kremlin circumvent existing sanctions would also face penalties. Senators Lindsey Graham and Richard Blumenthal have been working on the initiative for nearly two years.
