.jpg)
1 hour ago
4
Article content
(Bloomberg) — A bipartisan group of senators announced a deal Tuesday on long-awaited legislation to allow President Donald Trump to impose more restrictions on major buyers of Russian energy, as well as Iran.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Trump has signaled support for the measure, which had been championed by the late Senator Lindsey Graham, and a procedural vote on it is set for late Tuesday.
Article content
Article content
The bill extends penalties on Iran and singles out Russian gas and oil exports, empowering the president to target the top five buyers of Russian crude and natural with tariffs, as well as the top five countries aiding Russia’s energy sanctions evasion, according to text released Tuesday.
Article content
Article content
While long sought by Graham and other ardent supporters of Ukraine, the legislation could jeopardize the already volatile US trade relationships with China and India, which are top buyers of Russian energy.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Some Democratic lawmakers oppose the bill, warning it could be used by Trump as a legal justification for broad new tariffs.
Article content
Trump is scheduled to meet Volodymyr Zelenskyy at the White House Tuesday. The Ukrainian president is set to meet legislators at the Capitol later in the day.
Article content
The bill has a strong chance of passing the Senate this week. The House has left for its August recess so it would not become law until September at the earliest.
Article content
The bill extends the Iran Sanctions Act of 1996 through 2031, preventing a potential lapse in authority. That law imposes secondary economic sanctions on non-U.S. companies doing business with Iran and was meant to expire this year.
Article content
The bill also allows the president to impose a blanket tariff of 500% on Russian goods imported to the US and an additional 100% tariff on the top five energy importers and countries that import Russian crude oil or natural gas, or that facilitate sanctions evasion.
Article content
Article content
A last-minute change to the bill this week limits the new tariff authority to five years.
Article content
The White House has previously made efforts to impose sanctions on Russia, but granted a series of temporary waivers for oil sales after the closing of the Strait of Hormuz during the war with Iran triggered a global squeeze on oil markets. Those expired last month.
Article content
Last year, Trump slapped a 25% tariff on Indian goods over New Delhi’s Russian energy purchases, but later lifted it to help seal a broader US-India trade deal. China, one of Russia’s largest oil customers, escaped similar penalties altogether as Trump has sought to limit trade tensions with Beijing.
Article content
(Updates with more detail from fifth paragraph)
Article content
English (US)