India, China fear 100% US tariffs after Senate clears bill to sanction Russia, major buyers: What we know

In an 86-11 vote, the bill, renamed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, was approved by the Senate, news agency AP reported. The bipartisan bill was championed by Republican Senator Lindsey Graham, who passed away on July 11, and Democrat Richard Blumenthal.Following Graham's death after a trip to Kyiv, lawmakers from both parties renewed efforts to pass the bill and honour his legacy as a key ally of Ukraine, which has been at war with Russia since February 2022.What does the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 propose?The bill aims to punish Russia and major buyers of its petroleum products, including India and China. It allows the US President to impose a 100 per cent tariff on goods from the top five importers of Russian oil and gas, which reportedly include Azerbaijan, China, India, Hungary, and Slovakia. It also proposes sanctions on Russian leaders and officials, including President Vladimir Putin, as well as their family members, oligarchs, and financial institutions.Along with sanctions on Russia, the bill would extend the Iran Sanctions Act of 1996 until 2031, continuing penalties against companies that invest in Iran's energy sector.More details awaited.