Context:

A sanctions bill against Russia, proposed by Senators Lindsey Graham and Richard Blumenthal, is regaining momentum in the U.S. Senate amid a shift in President Donald Trump's stance towards Russian President Vladimir Putin. The bill aims to impose up to 500% tariffs on countries purchasing Russian energy products to weaken Russia's economic power, particularly targeting China and India. While the bill initially faced resistance from the White House due to Trump's desire for continued peace negotiations with Russia, a change in Trump's tone suggests growing support for the sanctions. The bill has broad bipartisan backing, with 85 co-sponsors, but faces criticism from some Republicans like Senator Rand Paul, who argues it could severely impact global trade. The Senate, along with the House and the White House, is working to finalize the bill for a vote, although some technical issues remain to be resolved, including how the sanctions will affect international financial systems and U.S. allies.

Dive Deeper:

• President Donald Trump has shown a shift in tone towards Vladimir Putin, expressing support for a sanctions bill that aims to impose up to 500% tariffs on countries buying Russian energy products, aiming to cut off significant revenue streams for Russia during its war with Ukraine.

• The sanctions bill, spearheaded by Senators Lindsey Graham and Richard Blumenthal, seeks to target Russia's economic strength by taxing oil, gas, uranium, and other exports, predominantly impacting trade with China and India, which are major consumers of Moscow's energy.

• Despite initial resistance from Trump, who preferred maintaining peace talks between Ukraine and Russia, the President's recent remarks indicate a possible endorsement of the proposed sanctions, which are designed to put pressure on Russia by leveraging economic penalties.

• The bill has garnered widespread bipartisan support with 85 co-sponsors in the Senate and backing from House Speaker Mike Johnson, although some Republicans, like Senator Rand Paul, criticize it as a broad tariff bill that could disrupt global trade, particularly with countries heavily reliant on Russian energy.

• Senate Majority Leader John Thune is working with the House and the White House to address technical issues surrounding the bill, such as its impact on the global financial system and allies, with the goal of presenting it for a vote by the end of the month.