President Donald Trump has enacted a new law that significantly expands U.S. sanctions against Russia and extends existing measures on Iran. Signed on September 18, the legislation empowers the president to impose tariffs on nations continuing to purchase Russian energy or assisting Moscow in bypassing sanctions.
The newly signed law targets Russian officials and financial networks linked to the country’s military efforts. It also aims to curb Russia’s revenue from oil and gas exports, a vital part of its economy. Under this legislation, the president can levy tariffs as high as 100% on countries buying Russian energy, although the decision about which nations are targeted and any potential waivers remains at the president’s discretion.
The bill was approved by the House of Representatives with bipartisan backing before reaching the president’s desk. The White House stated that this legislation enhances the country’s ability to enforce sanctions and tariffs on Russia while maintaining pressure on Iran.
As the administration considers how to execute these new powers, major importers of Russian energy, such as India and China, could potentially be affected. The law’s impact will largely depend on the U.S. administration’s subsequent actions in implementing these sanctions and tariffs.