CNBC
The Senate on Friday overwhelmingly approved a Russia sanctions bill that was long championed by the late Sen. Lindsey Graham, R-S.C., before his death last month.
The legislation, named the The Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, aims to hurt Russia’s war effort in Ukraine by penalizing purchasers of Russian oil and Russian leaders. It passed with bipartisan support 86-11 and will now proceed to the House, which is on recess until September.
The bill would impose tariffs of up to 100% on countries that are within the top five purchasers of Russian crude oil or gas, which includes China and India. Oil revenue is key to funding Russia’s military action.
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