Political analysis details potential harmful penalties proposed by Graham
Here's a New Spin on the News:
Media chatter abounds about Senator Lindsey Graham's proposed economic Iron Curtain against Russia, a bill he himself calls a "economic Cold War" that could jeopardize ties with significant trading partners.
Graham, alongside Senator Richard Blumenthal, drafted this bill to retaliate against Moscow's defiance of peace talks with Ukraine. This sweeping legislation suggests hefty tariffs of up to 500% on imports from nations importing Russian oil, gas, uranium, and other goods, a move that threatens the US's relationships, particularly with European allies.
Kevin Book, managing director of research firm Clear View Energy Partners, told the press, "500% tariffs are essentially a hard line."
This week, RBC Group reported that Graham granted an exception to nations contributing military aid to Ukraine, easing the blow for the European Union, which gulps down nearly 20% of its gas imports from Russia. Alternatively, specialists question the bill's feasibility.
RBC Group Trump commended the sanctions bill against Russia, terming it "very strong," according to Politics reports. The significant majority of Russia's energy exports head to India and China, and other purchasing countries could also feel the sting. 500% tariffs on Chinese goods may result in escalating prices, supply chain disruptions, job losses, and an abrupt stop in US-China trade. "This would hurt Americans," said Edward Fishman, senior fellow at the Center on Global Energy Policy at Columbia University.
The bill boasts bipartisan support, with 82 senators signing on. "Congress is trying to pressure the executive branch into action," said Adam Smith, a partner at Gibson Dunn, former Treasury Department official under Obama. "The Senate believes more sanctions on Russia are needed."
However, some, such as Senator Rand Paul, criticize the bill, branding it "ill-advised." Paul predicts a "global embargo" on 36 countries.
The Senate Majority Leader, John Thune, hints at the Senate's potential consideration of the bill by the end of June. Republican senators have requested White House approval. The Wall Street Journal documents that the Trump administration is urging Graham to soften the bill.
Russian authorities view Western sanctions as illegal and demand their removal.
The proposed economic Iron Curtain against Russia by Senator Lindsey Graham, a bill that some call an "economic Cold War," is gaining bipartisan support in the Senate, with 82 senators signing on. However, the bill's feasibility is questioned by specialists, and Senator Rand Paul has criticized it as "ill-advised," predicting a potential "global embargo" on 36 countries. Meanwhile, Russian authorities view Western sanctions as illegal and demand their removal. The Senate Majority Leader, John Thune, hints at the Senate's potential consideration of the bill by the end of June, but the Trump administration is urging Graham to soften the bill's policy-and-legislation impact, particularly on war-and-conflicts involving peace talks with Ukraine and general-news regarding US relationships with trading partners and allies.
