Trump Signs Russia-Iran Sanctions Law, Allowing Up to 100% Tariffs on Top Importers of Russian Energy
Summary
- The White House said President Donald Trump signed a sweeping sanctions law targeting Russia and Iran.
- The law allows tariffs of up to 100% on major importers of Russian oil and natural gas to pressure Russia's energy exports.
- The legislation includes an extension of sanctions on Russia and Iran, along with the president's authority to waive sanctions and a provision allowing them to end if a peace agreement is reached.
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President Donald Trump has signed a sweeping sanctions law targeting Russia and Iran. The measure allows tariffs of up to 100% on major importers of Russian oil and natural gas as part of an effort to squeeze Moscow's energy exports.
The White House said on Sept. 18 that Trump signed the "Lindsey O. Graham Russia-Iran Sanctions Act." It said the law authorizes and expands statutory sanctions, tariffs and prohibitions on Russia while extending existing sanctions on Iran.
The sanctions broadly target Russian government officials, financial institutions, and the energy and defense sectors. They also cover the so-called shadow fleet used to transport Russian energy while evading existing sanctions. The move is intended to cut off funding Russia could use for its war in Ukraine through energy exports.
The law allows Trump to impose tariffs of up to 100% on the five biggest importers of Russian crude oil or natural gas. Countries that import less than 15% of Russia's natural gas exports and have taken steps to reduce their dependence on Russian energy may qualify for an exemption.
The legislation also preserves broad presidential discretion. A statement of administration policy released by the Office of Management and Budget in July said the bill gives the president authority to waive sanctions and allows them to be terminated if Russia and Ukraine reach a peace agreement.
The measure also extends sanctions on Iran. It includes a provision renewing the 1996 Iran Sanctions Act for another five years.
