The Senate passed the bill named after the late Lindsey O Graham sanctioning Russia and Iran act of 2026, by an 86-11 vote.
US Senate approves Russia Sanctions Bill targeting India, China over oil trade: The US Senate has passed a new bill, by an overwhelming majority, targeting nations that buy oil from Russia. According to the report, currently China, India, Slovakia, Hungary and Azerbaijan are among the main buyers of Russian crude oil.
The Senate passed the bill named after the late Lindsey O Graham sanctioning Russia and Iran act of 2026, by an 86-11 vote. The bill would give the US president the the authority to impose import duty up to 100% on the top 5 countries that buy crude oil from Russia. The bill’s purpose is to increase economic pressure on countries that buy oil, gas and other products from Russia and thus help the Russian economy.
Countries such as Japan, France, Hungary and Belgium are expected to get relief from this provision. Under the proposal, nations that import less than 15% of Russia’s natural gas exports and are steadily reducing their purchases could be exempted.
ALSO READ: Are Banks Open Today? Check August 8 Bank Holiday
