Bloomberg: ‘Sanctions from hell’ bill against Russia stalls in U.S. House of Representatives

Source: Bloomberg

A bill imposing new sanctions on Russia will likely be pushed back until after the U.S. midterm elections in November, the Bloomberg news agency reported.

The bill, which Republican Senator Lindsey Graham championed during the final year of his life, would give the U.S. president authority to impose 100% tariffs on countries that are major importers of Russian oil.

Bloomberg said the legislation, which would expand President Donald Trump’s tariff authority and risks pushing up fuel prices, is unlikely to come up for a vote ahead of the midterms.

The Senate passed the bill, dubbed the “sanctions bill from hell” bill by American media, in early August. According to Bloomberg, senators voted for it in part in memory of the late Lindsey Graham.

The measure faces less support in the House of Representatives, where Democrats worry Trump could use it as another legal basis for new import tariffs, even as tariffs he has already imposed remain under court challenge.

Big business representatives have also objected, arguing the bill would let tariffs be imposed on countries that are U.S. trade partners and allies, and warning that it “unintended consequences for consumers.”

The bill would impose 100% tariffs on five countries that are the leading buyers of Russian oil and gas. It doesn’t name the countries, but India and China are the largest purchasers of Russian energy.

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Bloomberg: ‘Sanctions from hell’ bill against Russia stalls in U.S. House of Representatives

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Bloomberg: ‘Sanctions from hell’ bill against Russia stalls in U.S. House of Representatives

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