500% tariffs on Russia incoming after Trump gives thumbs up to sanctions bill
Congress is preparing to fast-track a Russia sanctions bill that’s been collecting dust for the last eight months after President Trump gave his word that he’d sign the measure. Members of Congress believe this legislation could be the final blow to the Russian economy, which would force President Vladimir Putin into a ceasefire with Ukraine.
“I am not optimistic that he will come to the table unless we apply these sledgehammer sanctions that stop revenue for his war machine,” Sen. Richard Blumenthal, D-Conn., told reporters.
The bill was first introduced by Blumenthal and Sen. Lindsey Graham, R-S.C., in April. It was delayed in part because President Trump wanted to see if he could negotiate a ceasefire between Ukraine and Russia, and Congress didn’t want to do anything that could jeopardize peace. With many, including members of Congress, concluding that Putin is not willing to make honest attempts at ending the war, Trump is ready to sign off on a package they hope will cripple Putin.
What industries do the sanctions target?
The bill is two-pronged and mainly targets Russian petroleum products like oil and gas:
- 500% tariff on goods and services from Russia
- 500% tariff on countries that buy Russian uranium and petroleum
- Asset freezes for Russian military generals and businessmen helping Russia
- Asset freezes on banks owned by or helping Russia
The legislation would put immense pressure on India, China, Brazil and Hungary to stop buying Russian oil and gas, which has been used as the main source of revenue for the war. Reports indicate India and China are both ending their purchase agreements due to a separate sanctions package. If they keep buying Russian oil, their products that come into the United States would be subject to the 500% sanction.
“I’m very glad that the president has finally, explicitly given his okay to the bill, and I hope it will move forward right away,” Blumenthal said. “It is needed now more than ever, as the possibility of talks appears to be perhaps happening. All the more reason that the President of the United States should have these economic sanctions as a possible remedy if the purchase of oil and gas continues.”
What else will Congress do to help Ukraine?
Congress is looking for new ways to support Ukraine, particularly methods that don’t involve large American wire transfers.
“Ukraine is running out of money and America is not going to provide more,” Sen. John Kennedy, R-La., said. “An alternative would be to pass a resolution asking, perhaps even directing, the Europeans to release the $300 billion of frozen Russian assets, now in cash, to Ukraine to use to fight back.”
There is a group of Republicans who do not want to provide any more support to Ukraine because they believe struggling Americans need the money and the resources here at home.
For the lawmakers on both sides of the aisle that do support Ukraine, there has been disagreement since the start of the war as to what Ukraine should be allowed to do with the weapons they buy from the West. Some believe Ukraine should not be allowed to strike inside Russian territory, while others say Ukraine will only be able to win if they are more aggressive.
“Let them buy missiles and take out every petroleum refinery in Russia and every manufacturing plant in Russia that’s being used to manufacture munitions or weapons,” Sen. John Kennedy, R-La., said. “The Europeans respond when I’ve suggested that to them, ‘Well, we don’t want to break international law.’ What? What planet are they living on? Putin is breaking international law. He invaded a sovereign country.”
The exact timing of the bill is unclear. Thanksgiving break next week will delay its passage, but it’s possible lawmakers could consider it in the first week of December.
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Ella Rae Greene, Editor In Chief
