US Senate agrees bill targeting Russia, extending Iran sanctions

The US Senate has agreed on a bipartisan bill that would impose new restrictions on Russia and extend existing sanctions against Iran until 2031, Report informs, citing Bloomberg.

The bill gives US President Donald Trump authority to impose additional tariffs on the largest buyers of Russian oil and natural gas, as well as countries helping Russia circumvent energy sanctions.

According to the text of the document, the president will be able to impose tariffs of up to 500% on Russian goods imported into the United States, as well as additional 100% tariffs on the five largest buyers of Russian oil and gas and countries facilitating sanctions evasion.

The bill also extends the 1996 Iran Sanctions Act until 2031. The document provides for secondary economic sanctions against non-US companies doing business with Iran. The law was due to expire this year.

Trump earlier backed the bill, which was actively promoted by the late Senator Lindsey Graham. A procedural vote on the document is scheduled for Tuesday.

Bloomberg notes that some Democrats oppose the bill, fearing that Trump could use the powers granted to him to impose broad tariffs.

The US House of Representatives has left for its August recess, meaning the document cannot enter into force before September.