A bipartisan Senate coalition has advanced one of the toughest sanctions packages in years, moving forward legislation that would dramatically increase economic pressure on both Russia and Iran while giving President Donald Trump authority to impose tariffs of up to 100% on major purchasers of Russian energy exports. The procedural vote passed 86-12, clearing the bill’s first major hurdle. 

Known as the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, the legislation honors the late senator’s final foreign policy initiative and expands sanctions beyond Russia to include Iran’s military, financial and energy sectors. The measure is designed to cut off two of America’s chief geopolitical rivals from international financing while increasing pressure on countries that continue supporting Russia’s war economy. 

One of the bill’s most significant provisions targets the world’s largest buyers of Russian oil and natural gas. Instead of sanctioning only Moscow, the legislation would allow the United States to impose tariffs of up to 100% on countries heavily dependent on Russian energy imports, including major economies such as China and India. Lawmakers revised the proposal from an earlier version that contemplated tariffs as high as 500%, seeking to increase political support while preserving its economic impact. 

Beyond tariffs, the legislation expands sanctions on Russian financial institutions, senior government officials, energy projects and the so-called shadow tanker fleet used to move oil outside existing restrictions. Additional provisions directed at Iran reflect growing concern in Washington over Tehran’s military activities and support for proxy groups across the Middle East. 

Although the Senate vote signals overwhelming bipartisan backing, the legislation still faces additional procedural votes before moving to the House when lawmakers return from recess. Debate is expected to focus on the president’s waiver authority and the potential impact of secondary tariffs on global trade and inflation. 

For businesses, the proposal carries implications well beyond geopolitics. Companies involved in global energy markets, shipping, commodities, manufacturing and international supply chains could face higher costs, shifting trade routes and increased compliance requirements if the sanctions become law. The measure also underscores Washington’s growing willingness to use trade policy and financial restrictions as strategic tools alongside traditional diplomacy. 

JBizNews Desk | Washington

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